May 08, 2022

Explainer: How the U.S. could tighten sanctions on Russia

Featuring Edward Fishman

Source: Reuters

Journalist Daphne Psaledakis

The United States has imposed several rafts of sanctions on Russia over its invasion of Ukraine in February, targeting its central bank, major lenders, oligarchs and Russian President Vladimir Putin.

Here are some ways in which the United States could further increase sanctions on Russia.

ENERGY

The European Union's executive on Wednesday proposed the toughest package of sanctions yet against Moscow for its war in Ukraine, including a planned embargo on Russian oil. read more

Diplomats said talks were complex but many expressed confidence all 27 EU governments could agree before next week.

Edward Fishman, who worked on Russia sanctions at the State Department during President Barack Obama's administration, said now that the EU is moving toward an oil embargo, it opens up possibilities on what Washington and its allies can do next.

"I think the next step is going to be the United States working with the EU and the rest of the G7 to globalize that campaign against Russia's oil sales," Fishman said.

Some measures the West could impose to restrict Russia from receiving payment for oil could include requiring all payments for Russian oil to go into escrow accounts outside of Russia and setting a price cap on what can be paid for Russian oil, backed up by the threat of secondary sanctions, Fishman said.

Read the full story and more from Reuters.

Authors

  • Edward Fishman

    Adjunct Senior Fellow, Energy, Economics, & Security Program

    Edward Fishman is an Adjunct Senior Fellow at the Center for a New American Security, where he focuses on the intersection of business, economics, and national security. His r...