And obviously Russia did not believe Ukraine to be a threat - or they would have not done this haphazard invasion with too little preparation and too few soldiers, so there is no excuse.

I think the risk of sanctions, means that while there are work arounds, the cost of those work arounds, and the restrictions on who will do business with you, dramatically increase the costs of certain goods.

So sure, the cash moves, but now you pay more. A lot more. Death by 1000 cuts, and all that...

I think it might, particularly where the war machine has a partner willing to sell it arms.