Revisiting Oil Sanctions on Russia

Sanctions have become part of the Russian economic landscape since the crisis in Ukraine broke out in December 2013. They have had an impact on the Russian economy, but have yet to change the situation in Ukraine. One possible area for new sanctions is in the field of oil exports. In this issue brief, Richard Nephew, a fellow at the Center on Global Energy Policy and program director for economic statecraft, sanctions and energy markets, examines the possible role that an oil export reduction strategy could play in Russia. In noting the pitfalls and complications, he argues that such a strategy could be part of the overall approach to Russia, but that both different sanctions measures and a holistic approach to Russia-Ukraine policy are necessary for any effort to be successful