October 13, 2022
Time to Unleash Congress on Putin
In response to Russia’s horrific invasion of Ukraine, the United States has marshaled its allies in an economic war with no obvious precedent. Within days of Vladimir Putin’s declaration of war in February, the United States galvanized the world’s leading democracies to impose sweeping sanctions on Russia’s financial sector, including the country’s central bank — the largest sanctions target in recent history.
Congressional action can provide the heft that’s needed to enforce difficult global sanctions regimes.
From the beginning of the campaign, the United States and its allies moved carefully in one key area: energy. Russia is a petro-state, dependent on oil and gas sales for two-thirds of its export revenues and half of its budget. But with global oil prices high and inflation afflicting much of the West, Washington and Brussels have been reluctant to take actions that could nudge oil prices — and inflation — still higher.
Early in the war, Washington banned domestic imports of Russian oil. Still, to ensure that sanctions didn’t inadvertently curb the flow of Russian oil to other countries, the Biden administration issued a license that exempts Russia’s energy sales from the thicket of U.S. restrictions. This exemption has allowed the Kremlin to continue to rake in billions from oil exports as its armies perpetrated untold atrocities in Ukraine. In December, that license will finally expire, and the United States and its allies will begin enforcing a price cap on Russia’s oil exports.
Read the full article from POLITICO.
More from CNAS
-
The Future of Russia and China in Central Asia
Podcast
Despite the many proclamations that Russian and Chinese interests would collide in Central Asia, Moscow and Beijing continue to work together in service of their shared object...
By Andrea Kendall-Taylor & Jim Townsend
-
Russia and the Rise of BRICS
Podcast
This past Tuesday, Russia hosted a high-profile summit of the BRICS group in Kazan, Russia, demonstrating its growing determination to challenge the Western-led international ...
By Andrea Kendall-Taylor & Kate Johnston
-
Brussels Sprouts Live: NATO in the American Heartland
Podcast
NATO marked its 75th anniversary this year – a testament to the strength and continued relevance of the alliance. Celebrations have been muted however, due to the ongoing conf...
By Mark Newton, Anniken Huitfeldt, Maria Markowska, John Deni & Rebecca Moore
-
Russia in the Middle East with Jonathan Lord and Hanna Notte
Podcast
One year after the October 7 attacks by Hamas, the crisis in the Middle East has grown more and more complex. With the region teetering on the brink of broader conflict, the B...
By Jonathan Lord, Hanna Notte, Andrea Kendall-Taylor & Jim Townsend
