Intended to hamper Putin’s war machine, so far the decision to ban the import of Russian oil has only succeeded in draining the pockets of Americans and Europeans, who are struggling to pay their energy bills. Fewer people now can afford the luxury of filling up the tank. Prices on food and all other products are also soaring due to the rising inflation and increasing transportation costs.
Meanwhile, Russia has found ways of overriding the sanctions with the help of China and India. According to this article, China has increased its imports of Russia’s crude oil by 40 percent, while India’s marine imports of Russia’s oil spiked from zero in January to nearly 700,000 barrels a day in May.
Washington and Brussels urge Beijing and New Delhi to refrain from importing Russian energy but to no avail. As Western sanctions have reduced the number of importers, the Russian crude oil can be purchased cheaply. So, amid skyrocketing global energy prices, buying cheap Russian supplies presents an enormous economic advantage to China and India.
The question is… what should we do about it?
Do we drop anti-Russian energy sanctions altogether or do we force other nations to join them?
How can we make other nations ignore their economic interests and stop importing Russian oil?
Good.