The US And Allies May Need To Ban Russian Petroleum Exports

March 6, 2022
   The world is finally recognizing how viciously brutal Vladimir Putin is with Russia’s bloody invasion of Ukraine. Things will not be the same, and we all will need to adapt to this new world.
   Nations around the globe must stand as united as possible against Russia, supplying Ukraine with military and financial aid while also isolating and punishing Russia both diplomatically and financially. The sanctions that have been implemented are important and will hurt the Russian economy significantly. The value of the ruble has already dropped precipitously which is certainly a step in the right direction. The current sanctions are stronger than any Russia has ever faced in modern times, but we need to realize that the international community may also need to ban Russia’s petroleum exports as well.
   In 2019, Russia’s top two exports were Crude Petroleum at 123 billion dollars and Refined Petroleum at 66.2 billion dollars. Current sanctions haven’t hit this area very hard thus far because of the world’s thirst for petroleum. The United States obtains about 5% of it’s petroleum products from Russia while for European countries, it’s much higher (about 50% for Germany). This is why nations have been hesitant about banning Russian petroleum exports. The world is already battling inflation, and there is legitimate concern about how much that could worsen if Russian petroleum gets prohibited. But we may need to implement such bans in order to really put the financial squeeze on Putin and his government seeing how horrendously brutal the Russian invasion has become and due to the fact that if we don’t stop Putin in Ukraine, there is a very real chance he will continue similar moves in other countries such as Georgia, Moldova, and perhaps even Finland.
   It’s time for the international community to stand up to Vladimir Putin and keep him in check. In order to accomplish this, we will all likely have to make some sacrifices. For most of the world it will mean higher gas prices and probably worsened inflation for a time. But that is a small price to pay when you consider what the Ukrainian people are suffering through right now and the need to prevent others from having to experience the same fate.

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