Assessment: Now that the US is out of the oil business, Russia has control of the world’s 1st and 2nd largest economies ….
- Western sanctions imposed on Russia over its invasion of Ukraine have so far been carefully constructed to avoid directly hitting the country’s energy exports.
- The U.S. has said that sanctions on Russia’s oil and gas flows are “certainly on the table,” but that going after exports now could be counterproductive in terms of raising global energy prices.
- “If Russia continues to wage this war … it is only a matter of time before we’re talking about full secondary sanctions on energy exports,” Helima Croft, head of global commodities strategy at RBC, said.
“I will give you the treasures of darkness And hidden riches of secret places,
That you may know that I, the Lord, Who call you by your name, Am the God of Israel. Isaiah 45:3
It may only be a matter of time before the U.S. and Western allies impose full sanctions on Russia’s energy exports, analysts say, warning that such a move would have seismic repercussions for oil and gas markets and the world economy.
It comes as Russia’s onslaught on key Ukrainian cities enters its second week, with fighting raging in the north, east and south of the country.
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