Despite President Joe Biden’s harsh Russia sanctions, Moscow continues to sell more oil at higher prices while Americans spend more money just to get ‘er filled up.
Moscow is increasingly dependent on oil revenues from India, China, and other Asian countries, despite the strong US pressure to not increase their purchases. This is despite the fact that the European Union and its allies have cut off Russian energy imports due to sanctions imposed over the war in Ukraine.
These sales boost Russian export revenues, even as Washington and its allies try to restrict financial flows that support Moscow’s war effort.
There is a way. Increase American oil production, and the price per barrel of oil will drop again. You, gentle reader will know that Biden won’t allow this, and you are subsidizing Putin’s aggression by every gallon you put in your tank of $5 gasoline.
Biden Administration officials said at least five more times that sanctions against Russia would discourage Putin from invading Ukraine.
In April, we were informed that sanctions had made their economy “poised for crash”.
This has not happened either. Does Russia feel pain? Yes. It was so bad that Putin had to expel the Russian Army from Ukraine. Hardly.
We were also informed that sanctions would “torpedo the ruble”.
You’ll be surprised to learn that the ruble has now traded at or close to five-year highs against dollar after a brief, but sharp, dip in March.
The ruble has been weaker since October 2014, when the Barack Obama sanctions were implemented following Putin’s invasion of Ukraine.
The illusions surrounding the effectiveness of the sanctions continue to persist. As if that were newsworthy, the Guardian reported Saturday that Russian “beauty centers are running out Botox.”
Russian oligarchs profit from high oil prices and the chance to buy dirt-cheap businesses such as Mcdonald’s, which have been abandoned by Western companies.
Are sanctions affecting the average Russian? However, the average Russian does not have a voice in his government.
We are punishing those who did not start this war and driving them further into Putin’s arms.