Ukraine’s allies have imposed sanctions on Russia in an effort to damage Russia economically. Sanctions are penalties inflicted by one government on another to deter hostile behavior or violations of international law. But will these attempts to support Ukraine be able to last the duration of the war?
The US intends to impose an embargo on all Russian crude oil and gas imports in order to help Ukraine. Similar actions are being taken by European countries and the European Union; the United Kingdom is phasing out Russian oil imports by the end of 2022, while the EU has indicated that Russian coal imports will be reduced by this August. And as it is evident in the prices of gas and oil around the world, Russia is not the only country paying for these sanctions.
While there is widespread support for Ukraine from residents and countries around the world, this solidarity is not limitless. National governments and individual consumers will eventually succumb to the economic pressures imposed by these penalties.
This is evident in Russia’s crude oil exports increasing in the month of May. According to the International Energy Agency, Russia increased its exports from 130,000 barrels of crude oil a day in April to 10.55 million a day in May.
These price spikes as a result of these penalties can’t be sustained permanently in capitalistic systems that can’t tolerate external forces since the system will collapse under pressure.
This is a CIMA Law Group blog entry. CIMA Law Group is located in Arizona and specializes in Immigration Law, Criminal Defense, Personal Injury, and Government Relations. If you live in Arizona and need legal assistance CIMA Law Group can help.
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