Abstract
The Russia–Ukraine war is not approaching stalemate but remains dynamic and unpredictable. The balance of resources favours the West: its economic superiority over Russia is much greater than during the Cold War. But the balance of resolve favours Russia: it is mobilising its capacity more effectively than the coalition of open democracies that supports Ukraine. The West needs a geo-economic strategy to harness its inherent strength to security goals. It should do three things: mobilise military–industrial production; move towards a general prohibition on trade with Russia with few exceptions; and confiscate the $300 billion in Russian central-bank assets frozen in Western financial systems. Given the stakes of the war, unfounded fears of adverse consequences should not deter Western countries from taking these steps.
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