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New York
CNN Business
—
Europe and the United States have barred the import of Russian oil to cut off a crucial revenue source for the Kremlin. But the plan to pile pain on President Vladimir Putin, forcing him to reconsider his war in Ukraine, hasn’t worked.
Russia is making just as much money from energy exports as it was before it invaded in late February. Meanwhile, inflation is surging globally, adding to political pressure on leaders such as US President Joe Biden, British Prime Minister Boris Johnson and French President Emmanuel Macron.
As leaders from top economies gather in Germany on Sunday for a G7 meeting, they’ll try to reach a consensus on what to do next. Unfortunately, on oil, few good options are available.
Several measures are being discussed, from price caps on Russian energy imports, centralized purchasing by the European Union,…
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