The West has made great progress in designing sanctions that will stop or at least hamper Russian President Vladimir Putin’s war of aggression in Ukraine. But now it must finish the job, by setting a price cap on the seaborne oil exports that are still generating revenues for the Russian war machine.
KYIV – Europe, the United States, and Ukraine’s other allies have implemented two of the three measures needed to bring the Russian economy to its knees and hamper President Vladimir Putin’s war of aggression. Strong financial sanctions are in place, and Europe has formed a buyers’ coalition to place an embargo on most oil imported from Russia later this year. But now we need the third decisive piece of the puzzle: to squeeze Putin’s revenue from seaborne crude oil, starting immediately.
KYIV – Europe, the United States, and Ukraine’s other allies have implemented two of the three measures needed to bring the Russian economy to its knees and hamper President Vladimir Putin’s war of aggression. Strong financial sanctions are in place, and Europe has formed a buyers’ coalition to place an embargo on most oil imported from Russia later this year. But now we need the third decisive piece of the puzzle: to squeeze Putin’s revenue from seaborne crude oil, starting immediately.