Russia is the third largest oil producing country, this plan was never going to work because oil is a fungible resource. Sure you can stop buying from Russia and buy from someone else, but that just kicks off a game of musical chairs where everyone is backfilling from someone else and eventually _someone_ is buying from Russia to make everything whole. If Russia was some insignificant player the world could have frozen them out entirely but they simply produce too much oil for the world to absorb the loss of all of it.
Everyone is aware that Russian crude oil will still enter the market through various channels regardless of sanctions. The point of sanctions is just to slightly reduce Russian government revenue. In combination with other measures this provides some leverage in negotiations over a peace settlement.
> The point of sanctions is just to slightly reduce Russian government revenue. In combination with other measures this provides some leverage in negotiations over a peace settlement.
How's that working out? Apparently someone miscalculated.
De-sanction Iran and Venezuela too, before sanctioning Russian oil.
Russia is the third largest oil producing country, this plan was never going to work because oil is a fungible resource. Sure you can stop buying from Russia and buy from someone else, but that just kicks off a game of musical chairs where everyone is backfilling from someone else and eventually _someone_ is buying from Russia to make everything whole. If Russia was some insignificant player the world could have frozen them out entirely but they simply produce too much oil for the world to absorb the loss of all of it.
Everyone is aware that Russian crude oil will still enter the market through various channels regardless of sanctions. The point of sanctions is just to slightly reduce Russian government revenue. In combination with other measures this provides some leverage in negotiations over a peace settlement.
> The point of sanctions is just to slightly reduce Russian government revenue. In combination with other measures this provides some leverage in negotiations over a peace settlement.
How's that working out? Apparently someone miscalculated.
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