Save time by listening to our audio articles as you multitaskEurope is considering how to respond. Already it was entertaining the possibility of sanctions on Russian oil. But it fears that it has the weaker hand. Olaf Scholz, Germany’s chancellor, has said that an embargo would plunge Europe into recession without doing much to hurt Vladimir Putin and his war effort.
Yet swathes of the global economy, including China, India and most of the Middle East and Africa, continue to trade freely with Russia. Secondary sanctions, which would punish anyone transacting with Russia, are not in place. Some Russian banks can still interact with the West. As a result, even with its central bank under sanctions, it is likely that Russia is making creative use of freshly acquired hard currency from selling energy, including to buy arms.
Tariffs are hogwash. Simply put a redyced minimum inport price. Make them give it away.
Some people are a special kinda stupid! How do you sanction the man who gives you food!?
You can levy a high tariff but in the end it is the consumer who will pay.
Horses 'wink' with their vaginas when they are horny.
Russia is right. They need to charge extra for enemies.
Suicidal idea. Europeans are choking themselves.