In the wake of Russia’s attack on its sovereign neighbor, Ukraine, democratic nations must now accept the existential crisis that has been presented and acknowledge that World War II-style invasions, accompanied by modern information warfare, are now a reality in 21st century Europe. Russian President Vladimir Putin’s aggression and appetite for risk were never truly appreciated hitherto.
In response, previously unimaginable changes have taken place. Switzerland, Sweden and Finland eschewed their longstanding neutrality and Germany announced it would increase its defense spending to 2% of gross domestic product.
Japan, for its part, has frozen Russian central bank assets, representing about 10% of Russia’s total currency reserves. But in the wake of thousands of deaths, more than a million refugees and unprecedented levels of economic sanctions, the endgame is unclear.