How to Win Friends and Drain Russia’s War Machine
Western governments have struggled with the challenge of reducing Russia’s oil-export revenues, because the impact of their boycotts is offset by higher prices and purchases elsewhere. By establishing a buyers’ cartel to impose a price cap on Russian crude, the West could achieve its goal with the support of oil importers everywhere.
STOCKHOLM – The Western sanctions on Russia over its aggression against Ukraine are growing tighter. The biggest outstanding concern is how to cut Russia’s oil revenues, which may now account for over half of its export revenues. The best method is a price cap for oil, which is already being implemented – though not by Western countries.