Newsletter

Receive regular updates about forthcoming events and other news from Intelligence Squared

Thanks

You have been added to our mailing list and will now be among the first to hear about events.

Watch

Debate: Sanctions Don’t Work as a Tool of Foreign Policy

Do sanctions work, or are they just political theatre? 

In partnership with GlobalSanctions.com, the world’s leading online resource for up to the minute information on sanctions and export controls worldwide.

Sanctions have become one of the most widely used tools in modern foreign policy, imposed not only on states but also on individual leaders, oligarchs and corporations. From trade embargoes to asset freezes and travel bans, sanctions are deployed in response to everything from territorial aggression to human rights abuses. But do they actually work? Sanctions sceptics argue that they rarely achieve their goals and often inflict suffering on ordinary people while strengthening authoritarian regimes. Far from making unsavoury governments change course, they say, sanctions are little more than virtue signalling, allowing our leaders to appear resolute without doing the harder work of diplomacy or long-term strategic thinking.

Proponents of sanctions counter that, when carefully targeted, sanctions can pressure both states and individuals without harming wider populations. Measures such as trade restrictions, freezing personal assets, grounding private jets and restricting access to international financial systems, they say, can deter bad behaviour, disrupt illicit networks and signal international resolve. Rather than abandoning sanctions altogether, we should focus on using them more intelligently and in conjunction with broader diplomatic strategies.

Do sanctions work, or are they just political theatre?


Speakers

For the motion

Rebecca Harding (via video link)

Economist, author and authority on global trade, trade finance, sustainability, and geopolitics.


Dr. Rebecca Harding is CEO of the Centre for Economic Security and an independent trade economist, author, public speaker. She is a specialist in digital and sustainable trade and supply chain finance, geoeconomics and geopolitics. Her affiliations include roles as Chief Economic Adviser to the Defence Security and Resilience Bank, an Associate at Earendel Associates, and an Associate Partner in the T3i Partner network. She is a member of the Alphen Group and a former a Senior Fellow at the British Foreign Policy Group. Her strategic advisory business, Rebeccanomics, provides services in international trade including work on sustainable trade finance for the ITFA and the Sustainable Trade Forum. In 2022 she was awarded the “Net Zero Entrepreneur of the Year” at the annual Scale Up Group’s Enterprise Awards. She has built three data-based technology businesses and published multiple books and academic articles. She has held senior positions as Head of Corporate Research at Deloitte, Senior Fellow at London Business School, and Chief Economist roles at the Work Foundation and at UK Finance. She acted as Specialist Adviser to the Treasury Select Committee and advised the All-Party Parliamentary Group on Entrepreneurship. Between 2004 and 2018 she was a Director and Trustee of the German-British Forum.

Ian Proud

Former British diplomat who authorised half of all UK sanctions against Russia between 2019 and 2022 but believes they failed to deter aggression and hurt Europe more than Moscow.


Member of His Majesty's Diplomatic Service for 24 years until 2023, serving in Thailand, Afghanistan and Russia. He organised the 2013 G8 Summit in Lough Erne, North Ireland, which marked Vladimir Putin's last visit to the United Kingdom. He then focussed on Russia-Ukraine policy for the final ten years of his career, including a posting to the British Embassy in Moscow from 2014-2019. During this time, he advised UK Ministers on economic sanctions against Russia. He also led the Embassy crisis response at the time of the Salisbury nerve agent attack of March 2018. Proud authorised around half of all UK sanctions against Russia upon his return to Whitehall in 2019, and then after war broke out in Ukraine in February 2022. However, he considers that sanctions have failed to deter Russian aggression and have caused greater economic pain to sanctioning nations in Europe. Upon his retirement in 2023, Proud published a memoir, A Misfit in Moscow: how British diplomacy failed in Russia, 2014-2019.  He established Diplomatic Excellence in 2025 inter alia as a non-profit to help University students from a working class background build skills to compete for Diplomatic Service entry, and to promote foreign language use in diplomacy.  He speaks Russian, Thai and a number of other languages. He is also a Non-Resident Fellow at the Quincy Institute for Responsible Statecraft in Washington DC.
Against the motion

Edward Lucas

Columnist at The Times and expert on energy, cybersecurity, espionage, information warfare and Russian foreign and security policy.


Columnist for The Times and consultant specialising in European and transatlantic security. Formerly a senior editor at The Economist, he is now a senior vice-president at the Center for European Policy Analysis (CEPA). He has written several books including The New Cold War, a prescient account of Vladimir Putin’s Russia, Deception, an investigative account of East-West espionage, and Cyberphobia, about the phenomenon of cybercrime. He is an advocate for Magnitsky Law sanctions against Chinese officials.

Tom Keatinge

Founding Director of the Centre for Finance and Security at RUSI, whose work focuses on the intersection of finance and security, including sanctions.


Founding Director of the Centre for Finance and Security at The Royal United Services Institute (RUSI), the world’s oldest and the UK’s leading defence and security think tank, where he has worked since 2014.  His research focuses on the intersection of finance and security, including sanctions, and the financial dimension of a range of security threats.  He also hosts the long-running CFS podcast, 'The Suspicious Transaction Report’. He has a Master’s in Intelligence and International Security from King's College London. Before joining RUSI in 2014, he was an investment banker for 20 years at J.P. Morgan.
Chair

Anne McElvoy

Executive editor at POLITICO and co-host of the podcast Politics At Sam and Anne’s


Executive Editor at POLITICO and co-host of the podcast Politics At Sam and Anne’s. An established broadcaster and columnist, she regularly contributes to the i newspaper and presents on BBC Radio 4. Anne has been a foreign correspondent in Berlin, the Balkans and Moscow and frequently reports from the US.