That’s how sanctions generally work, is mostly impossible to cut off trade entirely, but it imposes costs of around 20% or more, which does impact the balance sheets of the sanctioned country and improves competitiveness of other sources
It’s pretty clear that the cost imposed on Europe is far higher than the cost imposed on Russia. The reality of the situation is that there is a constant demand for Russian exports, and it’s not hard to find buyers. Meanwhile, Europe cut itself off from its main supplier, and then the US cut Europe off from Gulf oil. So, Europe is now paying for energy through the nose, and it sits downstream from the intermediaries. When push comes to shove, countries will save oil and gas for their own use leaving Europeans out in the cold.
That’s how sanctions generally work, is mostly impossible to cut off trade entirely, but it imposes costs of around 20% or more, which does impact the balance sheets of the sanctioned country and improves competitiveness of other sources
It’s pretty clear that the cost imposed on Europe is far higher than the cost imposed on Russia. The reality of the situation is that there is a constant demand for Russian exports, and it’s not hard to find buyers. Meanwhile, Europe cut itself off from its main supplier, and then the US cut Europe off from Gulf oil. So, Europe is now paying for energy through the nose, and it sits downstream from the intermediaries. When push comes to shove, countries will save oil and gas for their own use leaving Europeans out in the cold.
Even by that logic, it’s al least as much Europe sanctioning itself, if not more, than sanctioning Russia.