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Ones and Tooze

How Biden’s Sanctions Against Russia Fall Short

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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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More Ones and Tooze episodes:

Is Italy on the Verge of Returning to Fascism?

Plus: The economic history of Australia.

Can Ukraine Win the War Yet Lose Its Economy?

Plus: The economics of the British monarchy.

Is China’s Economy in Trouble?

Plus: The economics of golf.

Other Foreign Policy podcasts:

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Hero-podcast-women-gender-foreign-policy-gates-foundation-logo-3000x3000

The Hidden Economics of Remarkable Women (HERO)

A Foreign Policy series about women creating change through economic empowerment, hosted by Reena Ninan. This season, you’ll hear from people reforming marital laws in South Africa and property rights in Kenya—and how victories in both places could unlock women’s financial potential. Also, what microfinance strategies work best, and why better lending practices could be huge for small and medium-sized enterprises—accounting for a shocking 90% of businesses globally. HER♀ is a Foreign Policy production made possible through funding from the Bill & Melinda Gates Foundation. Celebrate remarkable women wherever you go. Ten lucky listeners will receive a digital download poster of our beautifully illustrated logo. Enter into this giveaway by writing a review on Apple Podcasts and clicking here.

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I Spy

Spies don’t talk—it’s the cardinal rule of the business. But here at Foreign Policy, we get them to open up. On I Spy, we hear from the operations people: the spies who steal secrets, who kill adversaries, who turn agents into double agents. Each episode features one spy telling the story of one operation. Want swag? Check out I Spy's merch by clicking here.

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To learn more about creating a podcast with FP Studios, contact Andrew Sollinger at andrew.sollinger@foreignpolicy.com.

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