The case for reducing the flow of cash into Vladimir Putin’s coffers stands. And it is sufficient to justify the economic pain involved
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.
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