By the Intel Drop
The G7 and EU believed that tightening the screws would mortally wound Moscow, but it seems to have backfired
Joydeep Sen Gupta
In late December, Russian President Vladimir Putin responded to the price cap imposed by Western nations on Russian seaborne crude oil by signing a decree banning its supply from February 1 to nations that support the curb.
e US-led measure, which prohibited countries from paying more than $60 per barrel of Russian oil, came into effect in December. Putin’s response was an unequivocal declaration that Russia would not bow to sanctions pressure. His decree, however, includes the possibility of “special permission” to supply to countries that come under the purview of the ban – potentially a window of hope for some of those 27 EU members that are believed to have been coerced into supporting the price cap.
The West’s cumulative bid to choke the Russian economy has not had the desired effect so far, as the latest figures show. Russia’s budget revenues from the oil and gas industry grew 28% last year, amounting to $36.5 billion. Oil production in Russia rose 2% last year to 535 million tonnes, while exports of the fuel increased by 7.5%.
Jonas E. Alexis has degrees in mathematics and philosophy. He studied education at the graduate level. His main interests include U.S. foreign policy, the history of the Israel/Palestine conflict, and the history of ideas. He is the author of the new book Zionism vs. the West: How Talmudic Ideology is Undermining Western Culture. He teaches mathematics in South Korea.