Russia’s aggression in Ukraine can still be stopped without damaging the world economy. But unless the EU can get the job done properly, the world faces the risk of a prolonged and much broader conflict, in which the Russian military becomes sufficiently emboldened – or humiliated – to use nuclear weapons.
WASHINGTON, DC – Western sanctions have failed to stop Russian aggression in Ukraine twice over the past decade, once after 2014, when Russia illegally annexed Crimea and stoked violent separatism in the eastern Donbas region, and again since the invasion on February 24. The economic policy debate has identified exactly what would be most effective: not just an oil embargo like the one the European Union just announced, but also a high tariff designed to slash the revenue Russia receives from its oil exports.
WASHINGTON, DC – Western sanctions have failed to stop Russian aggression in Ukraine twice over the past decade, once after 2014, when Russia illegally annexed Crimea and stoked violent separatism in the eastern Donbas region, and again since the invasion on February 24. The economic policy debate has identified exactly what would be most effective: not just an oil embargo like the one the European Union just announced, but also a high tariff designed to slash the revenue Russia receives from its oil exports.