The G7 and EU believed that tightening the screws would mortally wound Moscow, but it seems to have backfired
By Joydeep Sen Gupta, Asia editor
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.
The 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.
Redirecting supplies
The West’s cumulative bid to choke the Russian economy has not had the…
