The EU imposed nine sanctions packages against Russia. They got what they wished for.
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Sanctions are stupid and counter productive to the commercial operations, that create the material wealth that benefit global consumers. They also are a road block to maintaining our current level of civilization.
The United States, United Kingdom, & European Union have chosen their path.
It’s a path full of economic briars, brambles, and barbed wire, but the stubborn blockheads look like they want to “stay the course.”
Probably. There is a cost to anything. But what Russia has to sell, “energy”, in general, is eminently substitutable and it is only a matter of time - as in this case, less than a year - before workarounds come.
There is a lot of petroleum, and even more nat gas in the world.
Thats why OPEC was powerful for only a short while, before petroleum markets were forced into a decade long slump.
The hardest things to substitute are markets. It’s the demand side that matters.
Probably. There is a cost to anything. But what Russia has to sell, “energy”, in general, is eminently substitutable and it is only a matter of time - as in this case, less than a year - before workarounds come.
There is a lot of petroleum, and even more nat gas in the world.
Thats why OPEC was powerful for only a short while, before petroleum markets were forced into a decade long slump.