How To Squeeze The Bear

Announce plans to boycott the 2014 Winter Olympics in Sochi. The G7 should also urge the International Olympic Committee to find a new site. Those ultimatums would take effect soon unless Russia changes course in Georgia. The Games are supposed to be above politics, and the West was right not to boycott Beijing over human rights and Tibet, but the invasion of a democratic, sovereign state is a more serious violation of the international order.

Draw closer to former Soviet countries. The G7 should look at ways to tighten commercial ties and cooperation in science, education and cultural exchanges with the aim of strengthening democracy and free markets in former Soviet states.

Target the overseas bank accounts of top Russian officials. The threat of confiscation should be raised, and acted on if Moscow goes into another country, such as Ukraine. If the West prepared to seize assets—and leaked those plans to the press— it would likely set off alarms in Putin's circle. G7 financial authorities should also begin more serious investigations of Russian money laundering.

Condemn Russian actions by resolutions in Western and Japanese parliaments. Heads of state and their ministers have done the heavy lifting so far, but prominent legislative voices can add to the pressure. In an era of mass communication, don't underestimate the power of embarrassment.

To be effective, the G7 nations must work together on all these measures. Only a broad, collective campaign can significantly deter future Russian aggression. The Russians are very tough. And they are comfortable using raw power and exploiting every bit of real and psychological leverage they have. By comparison, the G7 nations operate as if governed by polite social etiquette. They should change their game, or they should shut their mouths.

Garten is the Juan Trippe Professor of International Trade and Finance at the Yale School of Management and held economic and foreign-policy positions in the Nixon, Ford, Carter and Clinton administrations.

Garten is the Juan Trippe Professor of International Trade and Finance at the Yale School of Management and held economic and foreign-policy positions in the Nixon, Ford, Carter and Clinton administrations.

© 2008