Rochelle Toplensky of The Wall Street Journal writes on how energy sanctions would impact Putin.
- Thus far, sanctions against Russia have excluded its energy sector.
- The West buys $350 million worth of Russian crude daily, which is funding Putin’s military operations.
- By sanctioning Russia’s oil and natural gas, the world can target Putin’s economic safety nets in a meaningful way.
- The United States and Europe can survive sanctions on Russian energy by increasing energy competition, diversification, and consumer choice.
“Saudi Arabia’s 2020 oil price war demonstrated the power of energy as a lever over Mr. Putin. Saudi willingness to flood the market despite the hit to its finances sent crude prices below zero, chastening Mr. Putin and restoring cooperation between Moscow and the Organization of the Petroleum Exporting Countries.”
Read the full article here.