Make Putin Pay

Washington is full of talk about how to minimize Vladimir Putin’s gains from the Ukraine war. We should be having a different conversation — one about maximizing Russia’s losses. That isn’t exactly the same thing.

If you had asked me a year or two ago what the United States should be doing about Russia, my answer would have been: not much. And I think that would have been the right answer. Vladimir Putin’s grotesque mafia-state was a problem for the United States, but it was much more urgently and immediately a problem for...