Read previewWestern sanctions are straining Russia's ability to fight in Ukraine, even if its war economy appears resilient and its output seems largely unfazed, a think tank expert said.
Related storiesAlready, this order has put off lenders in India, China, Turkey, and the United Arab Emirates from working with Russia, Blank said.
Individual sanctions have also targeted vessels carrying Russian crude above the Western $60-barrel price cap, reducing the Kremlin's ability to trade.
With fewer available tankers, freight costs have climbed, and the discount Russia has offered on its oil has eroded.
That's caused India to increasingly look elsewhere for crude, despite being the biggest buyer of seaborne Russian oil in 2023.
Persons:
—, Stephen Blank, it's, Blank
Organizations:
Service, Center for, Business, Foreign Policy Research Institute, Treasury Department, CEPA, United, United Arab Emirates, West
Locations:
Ukraine, North Korea, Iran, India, China, Turkey, United Arab, Russia, Austrian, Moscow, Beijing