Everyone is aware that Washington is not about to send the Marines into Georgia to assert its regional interests, but what are the realistic diplomatic and economic penalties that could be leveraged against Russia? The Bush Administration will be looking to save face, but as we have speculated, its range of options is rather limited. The Wall Street Journal elaborates a couple of ways that Russia may find itself punished for the war in Georgia: Western authorities should also explore the vulnerability of Russian assets abroad. At the least, they can make life difficult for the holders of those assets. Post-Soviet Russia allowed the emergence of businessmen and entrepreneurs who indeed wish to function as normal participants in world commerce. Their number, however, assuredly includes the lucky billionaires under Mr. Putin's protection. All of them want to benefit from the West's rules. That privilege should be restricted so long ...