Cold War-Era Lesson of Suez Crisis as Russia Burns Through Cash

The invasion drew the ire of the U.S. as the aggressor burned through reserves to defend its currency before ultimately appealing to the International Monetary Fund.

It’s not a blueprint for 21st century Russia, but the path followed by the U.K. in 1956. It’s not about Ukraine but the Suez Canal.

The history shows why Vladimir Putin won’t -- and can’t -- for now pursue an obvious way out of Russia’s financial straits: Then, as now, the U.S. wielded a veto over IMF loans.

“This is a situation calling out for IMF involvement,” said Phillip Swagel, a former IMF and U.S. Treasury official who now teaches...