A loophole in the banking restrictions allows Russia to continue exporting oil and gas.
U.S. President Joe Biden announced a series of sanctions against Russia on Thursday over its invasion of Ukraine, including penalties against three Russian banks. But he failed to include the toughest measures that would really devastate Russia’s economy, such as severing the country from SWIFT, the messaging system that links the world’s banks. On the latest episode of Ones and Tooze, Cameron and Adam discuss the U.S. and European dilemmas over sanctions and the loophole that allows Russia to continue exporting oil and gas.
About Ones and Tooze: Foreign Policy economics columnist Adam Tooze, a history professor and a popular author, is encyclopedic about basically everything: from the COVID shutdown, to climate change, to pasta sauce. On our new podcast, Tooze and FP deputy editor Cameron Abadi will look at two data points each week that explain the world: one drawn from the week’s headlines and the other from just about anywhere else Tooze takes us. Check out Adam Tooze’s column here. See All Episodes
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Plus: Looking to travel this summer? Adam and Cameron break down vacationing around Europe on the cheap.
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To learn more about creating a podcast with FP Studios, contact Andrew Sollinger at firstname.lastname@example.org.