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Is driving up the price of oil really a good way of hurting the Russian economy?The policy assumes that Russian oil cannot be sold. Is that really the case? It seems doubtful in that China had no issues evading sanctions on Iran oil, and the oil that the ROW doesn't take will go to China. This frees China from oil imported by sea that can be interdicted by the US Navy.Of course, the US can sanction China secondarily but that has costs for the US, too, since China has already said that it will not observe sanctions on Russia since it deems them illegal. MacrocosmThe Russian current account at 0-180 a barrel oilPhilip Pilkington
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Is driving up the price of oil really a good way of hurting the Russian economy?The policy assumes that Russian oil cannot be sold. Is that really the case? It seems doubtful in that China had no issues evading sanctions on Iran oil, and the oil that the ROW doesn't take will go to China. This frees China from oil imported by sea that can be interdicted by the US Navy.Of course, the US can sanction China secondarily but that has costs for the US, too, since China has already said that it will not observe sanctions on Russia since it deems them illegal. MacrocosmThe Russian current account at 0-180 a barrel oilPhilip Pilkington
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Mike Norman considers the following as important:
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Is driving up the price of oil really a good way of hurting the Russian economy?
The policy assumes that Russian oil cannot be sold. Is that really the case? It seems doubtful in that China had no issues evading sanctions on Iran oil, and the oil that the ROW doesn't take will go to China. This frees China from oil imported by sea that can be interdicted by the US Navy.
Of course, the US can sanction China secondarily but that has costs for the US, too, since China has already said that it will not observe sanctions on Russia since it deems them illegal.
The Russian current account at $150-180 a barrel oil
Philip Pilkington