How 'bout the sanctions placed on post-WW1 Germany? Did it lead that nation into starting WW2 in one way or another? Or is that something unrelated to what the OP is referring?
I don't think the post-WW1 punishment of Germany (i.e. Versailles) was really 'sanctions' in the sense of bans on trading with it. Maybe in what seems to be the wider sense of the term, i.e. penalties and restrictions. Seems to be generally thought that Versailles was overly-punitive and thus destabilised the country and helped bring the Nazis to power, but that involved all sorts of things (reparations payments, acceptance of war-guilt, loss of territory, including valuable resources crucial for the economy) that aren't usually part of 'sanctions' these days.
I have often wondered about sanctions in the contemporary sense of restrictions on trade. The recent track-record does not seem great. They seem to punish the vulnerable in the target country and not do much to change anything. The one case where it seems they maybe worked was Apartheid South Africa. And it seems like it was the cultural boycott that had a particularly demoralising effect on the regime. But the economic sanctions there were constantly broken, usually by people with an ideological sympathy with Apartheid. Surely by now there's been academic studies of that sanctions regime and its effect?
Edit - the thing about the South African case, is that there existed an active and determined internal opposition to the regime, that could benefit from the regime being hurt by sanctions. In many cases sanctions have been imposed on countries where there was no substantial opposition movement with any hope of overthrowing the regime. I think that maybe makes a difference in how sanctions play out (and the morality of them, even).
Edit2 - the alternative to sanctions would, I guess, be 'constructive engagement', where you try to encourage a regime to reform and to change the aspirations and values of the population through trade and other interactions. Maybe that makes more sense where there isn't an ANC or Nelson Mandela figure to be an internal opposition? I wonder about that with regard to China - where there seems to be no clearly-defined opposition to the CCP.