Russia Is Making Even More Money on Energy under Sanctions Regime

Why is the Biden administration so convinced that sanctions will eventually compel Vladimir Putin to stop the invasion of Ukraine?

Yesterday, President Biden’s national-security adviser, Jake Sullivan, pledged that, “We will continue to squeeze the Russian economy so that Russia and the Kremlin feel the pain from what they have done in Ukraine. And in the meantime, we will keep working on additional ways to deny them revenue.”

No one doubts that the sanctions are inflicting economic pain on Russia; the more consequential question, which has been asked for a while now, is...