First, U.S. financial leverage toward Russia should be used to greater effect. U.S. visa and financial sanctions on Russian officials should be broadened to include Putin and his network of political and business allies. We should work with our partners in Europe to launch an asset-recovery program to identify the spoils of the Russian regime’s corruption, which often are hidden abroad.
Second, we need to diplomatically isolate Russia. Instead of just canceling one summit meeting or technical talks, Russia should be removed immediately from every international forum not essential to resolving this crisis, including the Group of Eight. The NATO-Russia Council should be dissolved. Russian cooperation on global strategic challenges should not be sought until the people of Crimea are given a free and fair opportunity to decide their fate without outside pressure.
Put simply, Russia should no longer be considered a responsible partner on any major international issue. The Russian people should see that Putin’s actions will bring about a decline of Russia’s status as a global power, not a return to supposed Soviet glory.