Yes you could call it a high risk strategy or may prefer economic suicide.
The USA has been at the front pushing for more and tougher sanctions but the pain felt by them will probably not cross the Pond; it will be minimal compared to what Europe could face.
The US has its fair share of problems but unless you are experiencing issues first-hand how can you really empathise? During WWII European countries experienced a blitz of industrial and residential areas by hostile forces.
At a news conference in Brussels with Petro Poroshenko, the Ukrainian president, Barroso, who said on Friday he had spoken to Russian President Vladimir Putin on the phone to condemn significant incursions by Russian forces into Ukraine, said the situation was getting close to the point of no return.
The US was in the same war, following the attack on Pearl Harbour, but that country's citizens had an entirely different war. That does not mean they did not pay a high cost for military action but that the situation was different across the Pond.
Sanctions already in place are causing economic despair in parts of the EU previously hard hit by the economic crisis of recent years; but the USA remains fairly unscathed, so far.
Economies that are one step away from financial disaster will hardly welcome sanctions that will result in the fruits of their labour simply rotting away.
The chiefs in the EU bureaucracy can only offer compensation up to a point. With billions of dollars, Euros and pounds being loaned or handed out to Ukrainian authorities, the Greek government, Spain and more where will the money come from?
If they continue to print money as if it was going out of fashion we run the risk of a return to worthless paper money. That led to people paying billions for a bread loaf after their money became worthless and ultimately guaranteed WWII.
Sanctions are preferable to all-out war but are we, the little people, hearing the truth about what is happening in the Ukraine and Russia, or are we being primed for the worse which will follow?
Europe’s peach growers feel pain of Russian sanctions
The New Yorker - Hurt Putin, Hurt Yourself?