Economic sanctions are the big geoeconomic bazooka. But what does history tell us about how well they work, and their relevance today. And does the theory match the data?

Moritz Schularick of the Kiel Institute for the World Economy and CEPR talks to Tim Phillips about the evidence of the history of sanctions on what they can achieve, whether we expect too much too soon from small sanctions – and whether politicians are prepared to impose the sanctions that bite.