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Putin shrugs off financial sanctions as ruble surges again

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Vladimir Putin’s Russia earns more from its energy exports than before the invasion of Ukraine, and the ruble has returned to its pre-war level. Tell us about it again “crippling” sanctions.

Yes, President Joe Biden signed into law two laws on Friday expanding US financial restrictions on Russia, and National Security Advisor Jake Sullivan says, “We will continue to work on additional ways to deny them revenue.”

But none of that can hit as hard as Western Europe totally dependent on Russia’s oil and gas, tip stop buying it And the war has rattled markets enough to send prices soaring that Bloomberg Economics projects Russia will earn about $320 billion from energy exports this year, more than a third more than in 2021.

The United States cannot force Germany and company to start exploiting their own energy resources (although European voters can and should). But America can Russia’s export markets will steal if Washington agrees to stop suppressing and support US energy production.

When National Review’s Jim Geraghty sums it up, Biden could announce that the United States aims to “replace Russia in world energy markets and undercut its prices. You don’t have to face penalties if you can offer buyers a similar or better product at a lower price.”

This will hurt Putin far worse than all the denunciations and sanctions the White House is offering instead.

https://nypost.com/2022/04/11/putin-shrugs-off-financial-sanctions-as-ruble-rebounds/ Putin shrugs off financial sanctions as ruble surges again

DUSTIN JONES

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