John Smith spoke to the Wall Street Journal about the G-7 summit, which ended with an agreement to discuss a batch of new sanctions against Russia while recognizing the limits of using economic tools to punish Russia four months after its invasion of Ukraine.
According to John, G-7 nations and their partners now must decide on a strategy in case of a prolonged economic confrontation with Russia, and educate voters about the possible consequences such as gas rationing in areas of Europe that are reliant on Russian exports.
"Russia bets that it can withstand the harm to its own economy more than the U.S. and Europe are willing to bear," John added.
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