There is talk that the United States will, within days, apply some kind of sanctions to Russia. For some analysis, shall we not turn to the work of Daniel Drezner? Here is his piece (pdf) on cooperation and multilateral sanctions:
Intuitively, the link between international cooperation and sanctions success seems obvious. Empirically, however, the results are rather surprising. Repeated statistical tests show either no link or a negative link between cooperation and sanctions success. At least four studies conclude that successful episodes of economic coercion exhibit the least levels of coercion among the sanctioning states. No statistical test has shown a significant positive correlation between policy success and international cooperation among the sanctioning states.
This Drezner piece (pdf) indicates that applied sanctions don’t usually work, but the threat of sanctions can be effective. Here is Dan on “smart sanctions,” (pdf) which are not in general effective. Here is Dan’s book The Sanctions Paradox. Here is Dan on Twitter. I hereby request a new article from Dan on sanctions, as they might be applied to Russia. Here is a short BBC piece on the possible economic impact of sanctions today.