Sanctions against Vladimir Putin’s war machine won’t bite until they include energy. As dramatic as it is, this is a step that investors would not be wise to rule out.
Sanctions against Russia announced since it invaded Ukraine last Thursday have been designed to exclude imports of raw materials. President Biden and his allies fear the impact of global sanctions on resource markets and their economies, especially in Europe where gas supplies are already constrained. The West buys around $350 million worth of Russian crude daily and Europe spends another $300 million on gas.