To Shorten the War in Ukraine, Tighten Oil Sanctions for Real
The oil price cap was an innovation in economic statecraft, but it is no longer working. The West needs to change the scope and improve enforcement.
Out of the shadows.
Photographer: Carsten Snejbjerg/Bloomberg
As Bloomberg News has reported, President Joe Biden is considering ramping up sanctions on Russia before he leaves office, hoping to pressure Russian President Vladimir Putin ahead of possible talks to end the war in Ukraine. As with previous decisions to loosen restrictions on Kyiv’s use of US weapons, such a shift would be overdue — but welcome nonetheless.
If negotiations to end Putin’s brutal invasion are to take place, then the imperative for Western democracies must be to strengthen Ukraine’s hand first. Outside of greater military support, it would be hard to send a more powerful message of resolve than to squeeze the oil and gas revenue that funded nearly one-third of Russia’s federal budget in 2023.