So, what's the impact of those punishing sanctions on Russia?
So much for sanctions when you actually have stuff other people need.Bloomberg Economics expects Russia will earn nearly $321 billion from energy exports this year, an increase of more than a third from 2021. It’s also on track for a record current-account surplus that the Institute of International Finance says may reach as high as $240 billion.
But it's nice to know us.gov doesn't have a monopoly on stupid politicians. EU has some real morons. Our very own Kamala is a rocket scientist next to EU's Ursula:
Yeah, I agree with Mish, not gonna happen...European Commission President Ursula von der Leyen said the EU is proposing to ban most Russian ships and trucks from entering the bloc, as well as Russian coal imports. The EU will also push ahead with a debate on targeting Russian oil, she said -- a sensitive issue in Europe, where many countries are dependent on Russian fuel imports.
This cartoon sums up EU's "punishment" of Russia:Germany would not agree to halt energy imports. Now would Hungary. I am unsure is any EU nation would in practice.