Russia’s Financial Crisis Must Come Sooner
The main point of forcing down the price received by Russia for its oil exports is to cause a financial crisis that will severely impede the Kremlin’s ability to continue waging its aggressive war in Ukraine. But some European countries favor a price cap so high that forward-looking currency markets will merely shrug.
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WASHINGTON, DC – A diplomatic standoff between European countries over the price cap to set for Russia’s oil exports threatens to hobble efforts to limit the Kremlin’s resources to wage its war of aggression against Ukraine. It’s time to break the impasse.