I don't think it will work without new trade war with China. Even if US and EU avoid Russian oil, China can buy it using trade surplus with US unless US could eliminate trade deficit with China.
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Will oil embargo work?
- Thread starter CoolTrader
- Start date
It is not the trade surplus.
If Russian crude sells for $90 and WTI at $120, I'm sure all non-Western countries would want to buy Russian oil. The problem is that, Russians can't get paid via SWIFT system with US $$. But if they all turn into Chinese YMB, then transactions can still go through.
I believe China, India and most of the developing countries will pick up Russian oil. Western countries will be happy to pay the premium and enjoy the fruits of the sanction.
The Russian oil embargo won't be effective. If Western countries continue to pay $120 or $130 oil price, then recession is on the horizon. A new administration will be elected and things will change. Trump could make a come-back....
If Russian crude sells for $90 and WTI at $120, I'm sure all non-Western countries would want to buy Russian oil. The problem is that, Russians can't get paid via SWIFT system with US $$. But if they all turn into Chinese YMB, then transactions can still go through.
I believe China, India and most of the developing countries will pick up Russian oil. Western countries will be happy to pay the premium and enjoy the fruits of the sanction.
The Russian oil embargo won't be effective. If Western countries continue to pay $120 or $130 oil price, then recession is on the horizon. A new administration will be elected and things will change. Trump could make a come-back....
If US and EU don't have trade deficit, Russia can still sell oil to some countries in exchange for the stuff they produce, but can't get hard currency to buy high tech products from western countries. Trade surplus/deficit matters.
I mean causing damage on Russian economy.Will oil embargo work?
If by "work" you mean to the benefit of the 99%, then no.
It will cause damage to all economies.I mean causing damage on Russian economy.
The oil embargo was an emotional rather than strategic move. Any type of embargo will not really have a direct effect for weeks if not months. By then things will be different.
Not the best of moves.
Don't poke The Bear.
The rational move would have been to come up with something that would give Putin a out, without looking weak.
Remember at all times that the only reason Putin invaded The Ukraine is because he perceived Biden/Harris to be extremely weak.
Not the best of moves.
Don't poke The Bear.
The rational move would have been to come up with something that would give Putin a out, without looking weak.
Remember at all times that the only reason Putin invaded The Ukraine is because he perceived Biden/Harris to be extremely weak.
So Biden is weak but come up with a rational solution that gives Putin an out so he doesn’t look weak? Go F*** yourself, you whimpering soy boy!The oil embargo was an emotional rather than strategic move. Any type of embargo will not really have a direct effect for weeks if not months. By then things will be different.
Not the best of moves.
Don't poke The Bear.
The rational move would have been to come up with something that would give Putin a out, without looking weak.
Remember at all times that the only reason Putin invaded The Ukraine is because he perceived Biden/Harris to be extremely weak.