This was a big week for "sanctioning." On Monday, a Business Insider headline read, "Obama Just Sanctioned 'The Scariest Man on Earth,'" referring to Russian oil tycoon Igor Sechin. And the next day, a Los Angeles Times headline reported, "Donald Sterling Sanctioned."

If you didn't know anything about these stories, you might think President Barack Obama was giving his stamp of approval to Mr. Sechin, a crony of Russian President Vladimir Putin. Similarly, you might assume that National Basketball...