Irish Examiner view: The numbers show the reality of sanctions against Russia 

With only a 3% dip in its oil production since it invaded Ukraine, it is clear the embargo on Russia is not working
Irish Examiner view: The numbers show the reality of sanctions against Russia 

A couple embrace amid the rubble after the recent Russian shelling in Mykolaiv, Ukraine. Putin's illegal invasion of Ukraine began 171 days ago. Picture: Kostiantyn Liberov /AP

If we are to wonder why economic sanctions against Russia have not yet had a meaningful impact on the course of its war in Ukraine, we need only — as economists often remind us — study the numbers.

The International Energy Agency (IEA) reported this week that Russian oil production has fallen by less than 3% since its military operations against its neighbour. 

Western energy sanctions have had a “limited” effect, according to the IEA.

While exports of oil products to Europe, the US, Japan, and Korea have fallen, much of the slack has been taken up by China, India, Turkey, and others, with Beijing overtaking the EU as the biggest importer of crude.

While China’s position is predictable, we should continue to question the role of India, and Turkey, an EU aspirant, in supporting Moscow.

The next phase of the EU embargo on Russian energy will not start to bite until February next year. 

The West must continue its pressure into 2023, or accept that Vladimir Putin has won this hand.

More in this section

Lunchtime
News Wrap

A lunchtime summary of content highlights on the Irish Examiner website. Delivered at 1pm each day.

Sign up
Revoiced
Newsletter

Some of the best bits from irishexaminer.com direct to your inbox every Monday.

Sign up
Execution Time: 0.229 s