Our correspondent Andreas Frank writes:  The most effective near-term pressure that can be exerted on Russia in response to the Ukraine crisis should be financial and economic, according to a paper drafted by Chatham House – a leading think tank.

Chatham House maintained in this new report that much of President Vladimir Putins power is “predicated” upon Russia’s financial stability. Russia is also far more integrated into the world economy now than it was at the time of the escalation over Georgia in 2008.

Its growth had already faltered prior to this crisis, and the markets immediately exerted their pressure on Russia as a result of its actions, the institute observed.

The think-tank noted that freezing the assets of and denying visas to elite Russians suspected of money laundering or involved in the actions against Ukraine are likely to be measures that will influence Russian thinking and, possibly, the government’s behaviour.

The paper also noted while retaliatory Russian measures are possible and more Russians need to travel to the West than those in the West need to travel to Russia.

In addition, Chatham House urged the West to immediately ramp up its counter-narrative to the “Russian propaganda operation.” Meanwhile, the paper suggested that the statements by President Putin and other Russian leaders, and reporting by much of the Russian media, about Ukrainian refugees fleeing to Russia, violence in eastern Ukraine and there being no Russian troops in Crimea “can easily be exposed as lies.” “This should be done publicly, forcefully and immediately,” the paper proposed.

In the meantime, the institute urged the EU not go back on its commitment to the Association Agreement with Ukraine.

Furthermore, the EU should convey the message to Russian energy companies that “business as usual in not an option while intervention in the Ukraine continues,” the study concluded.   Ukraine Policy