The Right Way to Sanction Russia
Western sanctions imposed after Russia's 2022 invasion of Ukraine have inflicted only limited pain on the Russian economy, according to the article. It argues that sanctions can still be effective if properly enforced, especially by restricting the shadow fleet of oil tankers that Russia uses to evade the G-7 oil price cap. The article notes that oil and gas extraction accounts for one-fifth of Russia's GDP and exports for nearly one-third of government revenues.
Why it matters: This matters for the theme of sanctions, as it argues that properly enforced sanctions could still destabilize the Russian economy by targeting its oil revenues.