O'Sullivan and Frankel: How the sanctions on Putin's Russia are reshaping the world economic order

HKS professors Meghan O’Sullivan and Jeffrey Frankel say the draconian sanctions on Putin’s regime—which came together faster than almost anyone predicted—will have far-reaching and lasting effects well beyond Russia’s borders. In a nuclear-armed world where direct superpower conflict can have apocalyptic consequences, the proxy battlefield has become economics and finance. Instead of firing missiles, combatants lob sanctions to inflict pain and achieve strategic goals. Rather than cutting off supply routes, opponents cut off access to capital reserves and international financial systems. And during the first weeks of Russia’s war on Ukraine, developments on both the physical and economic battlefields have been swift and unpredictable. But now with an international sanctions regime against Vladimir Putin’s Russia taking shape with a depth and a breadth that took many analysts by surprise, it’s possible to widen the lens on the war in Ukraine to explore not only how it may shape the conflict, but also its potential to disrupt the world order and even create a new one. O’Sullivan is Director of the Geopolitics of Energy Program at HKS and a former Deputy National Security Advisor under President George W. Bush. Frankel is an international economist and a former member of the Council of Economic Advisors under President Bill Clinton. They join host Ralph Ranalli to discuss sanctions and what the world economic order could look like in a post-Ukraine War world.

Jeffrey A. Frankel is the James W. Harpel Professor of Capital Formation and Growth at Harvard Kennedy School. He is also a Research Associate at the National Bureau of Economic Research. He served at the Council of Economic Advisers in 1983-84 and 1996-99; as CEA Member in the Clinton Administration, Frankel's responsibilities included international economics, macroeconomics, and the environment. Before coming to Harvard in 1999, he was Professor of Economics at the University of California at Berkeley. His research interests include currencies, commodities, crises, international finance, monetary policy, fiscal policy, regional trade blocs, and international environmental issues.

Meghan L. O’Sullivan is the Jeane Kirkpatrick Professor of the Practice of International Affairs and the Director of the Geopolitics of Energy Project at Harvard University’s Kennedy School. She is also the chair of the North American Group of the Trilateral Commission. Professor O’Sullivan has extensive experience in policy formulation and in negotiation. Between 2004 and 2007, she was special assistant to President George W. Bush and Deputy National Security Advisor for Iraq and Afghanistan during the last two years of her tenure. Dr. O’Sullivan spent two years from 2003-2008 in Iraq, most recently in the fall of 2008 to help negotiate and conclude the Status of Forces Agreement (SOFA) and strategic framework agreement between the United States and Iraq. From July 2013 to December 2013, Professor O’Sullivan was the Vice Chair of the All Party Talks in Northern Ireland. She has has written several books on international affairs and has been awarded the Defense Department's highest honor for civilians, the Distinguished Public Service Medal, and three times been awarded the State Department's Superior Honor Award.

Ralph Ranalli is the Host, Producer, and Editor of HKS PolicyCast. He is also a senior writer at the HKS Office of Public Affairs and Communications, as well as former journalist, television news producer, and entrepreneur.

The co-producer of PolicyCast is Susan Hughes. Design and graphics support is provided by Lydia Rosenberg and the OCPA Design Team. Social media promotion and support is provided by Natalie Montaner and the OCPA Digital Team.