The G7 countries are going to “maximize pressure on oil exports from Russia”. This step could reduce Moscow’s revenues by $80 billion a year, which would deal a serious blow to the Kremlin’s military economy.
Industry experts believe that restricting Russian oil exports will be counterproductive only if other producers do not fill the deficit. Otherwise, supply restrictions will lead to a rise in world prices, which will harm Western economies. But Moscow’s revenues may not even suffer, as higher prices will compensate for the loss of volumes.
Thus, the G7 needs to persuade other producers, especially in the Persian Gulf, to increase production of “black gold” and to convince Moscow’s main customers, in particular India, to buy less Russian oil.
In his turn, Lord Don Tuohy, Vice President of the Parliamentary Assembly of the Council of Europe (PACE), believes that Vladimir Putin’s inner circle should be put under more pressure. In particular, the personal wealth of Russian oligarchs could be confiscated and used to rebuild Ukraine. The official insists that it is necessary to go after both state and personal assets; it requires strong political will and governments willing to take responsibility.
