It is not hard to understand why the Russian economy and President Vladimir Putin’s regime have been able to withstand the sanctions so far. Energy exports – a crucial source of income for the Russian state – remain excluded from the sanctions list.
PRINCETON/PARIS – Russia’s brutal shelling of Ukrainian cities continues. Thousands are dying, millions are suffering. Yet the West remains paralyzed about further action on what matters most: sanctions on Russian energy exports. Absent an immediate and full boycott of Russian gas and oil by Western countries, the best way forward is to commit to a ladder of sanctions that they will climb in a preannounced fashion over the coming weeks.
PRINCETON/PARIS – Russia’s brutal shelling of Ukrainian cities continues. Thousands are dying, millions are suffering. Yet the West remains paralyzed about further action on what matters most: sanctions on Russian energy exports. Absent an immediate and full boycott of Russian gas and oil by Western countries, the best way forward is to commit to a ladder of sanctions that they will climb in a preannounced fashion over the coming weeks.