Empty Threats to Ban Russian Oil Will Only Help Putin

Empty Threats to Ban Russian Oil Will Only Help Putin

International and Arab News

The international response to Russia’s invasion of Ukraine is seriously lacking.

There is one glaring question that needs to be answered: Should the US, Europe and Asia stop buying Russian oil? Choking off Russian oil sales would put significant pressure on the Russian economy, and perhaps actually encourage President Vladimir Putin to end this crisis.

Yet the political process in the US, Europe and elsewhere is proving an impediment when it comes to responding decisively. There are divides in the US political system about a full ban, just as there are divides in Europe. While the Biden administration looks set to impose a ban on imports of Russian oil, gas and coal, Europe is still dragging its feet. That’s no surprise: US imports are tiny compared with those of Europe, so banning them comes at a much smaller cost.

As of this writing, Russian oil and gas is still flowing into Europe and ships carrying Russian crude and refined products are still sailing to the US — at a vast and rising cost. The proceeds of these sales are funding Russia’s invasion of its neighbor.

Europe and China account for about 85% of Russia’s overseas crude sales, while Europe and the