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Putin’s War Machine Funding Is Unscathed by Latest Sanctions

  • Little practical effect seen on Russia’s oil and gas revenue
  • Without cap on energy prices, it’s not ‘game-changer’: analyst
Bloomberg business news
Putin Won't Scare or Intimidate Us, Biden Says
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The US sanctioned hundreds of Russian officials, lawmakers, family members and businesses Friday in what Treasury Secretary Janet Yellen called a “sweeping action,” but in reality the measures will have little practical effect on President Vladimir Putin’s ability to sustain his country’s economy with oil and gas revenue.

That raises fundamental questions about the effectiveness of sanctions, despite how big it looks on paper for the Biden administration to go after Russia’s central banker, Elvira Nabiullina, and Alexander Novak, the deputy prime minister and a key figure in Russia’s energy sector. A raft of sanctions so far haven’t materially affected the war on the ground in Ukraine or dented Putin’s determination to pursue it despite repeated setbacks.