Ratcheting Up the Pressure on Russia’s Oil Revenues
By declining to include funding for Ukraine as part of the recent deal to avert a government shutdown, the US Congress sent a signal of encouragement to Russian President Vladimir Putin. That makes tightening the price cap on Russian oil exports all the more important.
WASHINGTON, DC/CAMBRIDGE – Wars are won and lost on battlefields. But public finance plays a critical role in determining what the combatants can afford. This is particularly true for a long war, which is what Russia’s full-scale invasion of Ukraine has already become.