Putin isn’t the first brutal dictator to make himself an international pariah. As far as I can tell, however, he’s the first to do so while presiding over an economy deeply dependent on international commerce — and with a political elite accustomed, more or less literally, to treating Western democracies as their playground.

For Putin’s Russia isn’t a hermetic tyranny like North Korea or, for that matter, the old Soviet Union. Its standard of living is sustained by large imports of manufactured goods, mostly paid for via exports of oil and natural gas.

This leaves Russia’s economy highly vulnerable to sanctions that might disrupt this trade, a reality reflected in Monday’s sharp plunge in the value of the ruble despite a huge increase in domestic interest rates and draconian attempts to limit capital flight.

Before the invasion it was common to talk about how Putin had created “fortress Russia,” an economy immune to economic sanctions, by accumulating a huge war chest of foreign currency reserves. Now, however, such talk seems naïve. What, after all, are foreign reserves? They aren’t bags of cash. For the most part they consist of deposits in overseas banks and holdings of other governments’ debt — that is, assets that can be frozen if most of the world is united in revulsion against a rogue government’s military aggression.