, Columnist
Shock-and-Awe Sanctions Could Still Stop Putin
The Saudis bested Putin in their 2020 oil price war by showing him they could sustain more economic pain than Russia could.
In happier times: Saudi Crown Prince Mohammed Bin Salman and Russian President Vladimir Putin in 2019.
Photographer: YURI KADOBNOV/AFPThis article is for subscribers only.
It’s not too late to wage a “shock-and-awe” campaign of sanctions against Russia — even with the invasion of Ukraine.
Moscow fought an economic battle two years ago. Its rival wasn’t the West, but Saudi Arabia. The battleground wasn’t the old Soviet empire, but the oil market — and, against the odds, Riyadh defeated Moscow. Despite big differences with today’s crisis, an examination of what the Saudis did and how they did it, is key to understanding Russia’s weaknesses.