Marc Champion, Columnist

Sanctions or Tomahawks? Only Credible Threats Will Convince Putin.

The threat to arm Ukraine with Tomahawk missiles needs to be credible to deter Putin.

Photographer: Mark Wilson/Getty Images North America

Could the US imposition of sanctions on Russia’s two biggest oil companies, backed by similar measures from Europe, mark the moment when the transatlantic alliance finally does what it takes to pressure the Kremin into ending its invasion of Ukraine? It should — but believe it when you see it.

If this was easy, it would have happened long ago. But it’s difficult because Vladimir Putin remains uninterested in any peace that fails to deliver the victory he sought the day he invaded. It’s hard, too, because Ukraine’s reserves are depleted, the US administration has been willing to get involved only to the extent it can monetize the war and Europe lacks the military depth or unity of purpose to fill the void.