Do sanctions against Russia work?

Sanctions have become a key policy tool in the EU’s response to Russian actions in Ukraine. This has generated a debate inside Europe, first and foremost, on whether such measures work, and on whether or not they should continue, be upgraded or scrapped altogether. The debate revolves around two important questions: do sanctions have an economic impact on Moscow – in other words, do they hurt? And are they effective enough to change Russia’s behaviour in Ukraine?