Save time by listening to our audio articles as you multitaskBanners in demonstrations from Paris to Prague have advocated simply shutting off the pipeline and turning away tankers carrying Russian crude. Yet wave upon wave of European sanctions have all but ignored oil and gas, even as drastic measures targeting other bits of the Russian economy have been adopted.
The aim of any sanctions regime is to impose crippling costs on the enemy while suffering little inconvenience yourself. Some economists reckon tariffs would even help theturn a profit at Russia’s expense. Ricardo Hausmann, a former Venezuelan planning minister now at Harvard, points out that if a punitive import tax—of perhaps 90%—were to be added to the price of Russian oil, European refineries would source crude from elsewhere unless they were granted a sizeable discount.
Real life would be messier than economic models. But the broader point, says Guntram Wolff of Bruegel, a think-tank in Brussels, is that Europe has more options to substitute Russian oil than Russia has options to replace European customers. Things are different with gas, given that it is delivered through pipelines which tie producers and consumers together.
Mario Draghi, another economist, who is currently moonlighting as Italy’s prime minister, also wants to hobble Russian energy, but by capping the price paid by Europe for its imported gas instead. In many ways that is similar to a tariff: you limit the flow of money headed to Moscow, and force Russia to adapt. But this approach would do nothing to stymie the demand for Russian energy—on the contrary. It would encourage industry to crave more, not less, of Mr Putin’s now-even-cheaper gas.
I understand you can't cut oil/gas immediately. I think the question should be how fast can Europe secure alternative resources & how much economic pain Europeans are willing to take to stop Putin. Lastly, are Europeans making the moves needed & is the US willing to support them?
Sanctions in name only when the EU were only days ago were found to be still supplying weapons to Russia? & they're still pouring Billions €Billions into Russia for Oil & Gas ⛽️ 🙄 The word HYPOCRITES goes nowhere close enough to describe that Odious Bureaucratic Quango the EU!
That is where the US interest in prolonging the war comes from. If the war lasts long enough, the US will do more business than anyone else at the expense of the Banana Republics of Europe.
That's one major card which Putin values highly, cos he knows, with gas & other fuels, there's nothing the EU can do about in the midterm.
if europe bans russian energy that will just cause alot of problems i say just let russia do what they want to ukraine its the easiest way
US should stop oil and gas from Russia FIRST! Then, ask other countries to follow me.
Biden's Treasury Secretary Janet Yellen says a European ban on Russian oil would do LITTLE to deter Putin and would do more harm by sending global energy prices even higher think she's clever 😉
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It’s the oligarchs’ dream, to justify unlimited fracking and gouging the world by raising demand everywhere else.
Only flooding the market with cheap energy can stop Putin and help us to save middle class that is drowning in inflation.
If they do that european countries end up skyrocketing the already soaring fuel price and promote inflation.
vonderleyen Bundeskanzler ChefSteinmeier EmmanuelMacron BorisJohnson Draghi_Italy stop funding Russia’s war criminals! Please source your oil and gas elsewhere! No more murder of innocent civilians in Ukraine! WeStandWithUkraine StopPutinNOW Reuters dwnews AP CNN
And blow up Europe
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