"Judging from the sanction experiences against Iraq before the 2003 invasion, of Iran or Venezuela, it is unlikely that there will be a change of course by Russia regarding Ukraine," says Stergios Skaperdas, professor of Economics and Director of the Center for Global Peace and Conflict Studies at the University of California, Irvine. Furthermore, since Russia is a much larger country than Iran, Iraq or Venezuela and is highly self-sufficient in food, energy and other essentials, "it is even less likely to change course as a result of sanctions," he adds.

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