The United States and its allies rely heavily on economic sanctions to punish Russia for its invasion of Ukraine.
But a key component of that strategy, the restrictions on Russian oil exports, often seems to cause hardship and harm to ordinary people in other countries.
European countries, in particular, are causing serious damage to their economies without reducing Russian oil revenues.
This is how the New York Times opened its editorial today by saying that countries seeking to help Ukraine are aiming for the wrong goal, which is to focus on reducing Russia's energy exports rather than reducing its export earnings. Russia exports less oil, but in reverse, earns more. of money, according to Finland's Energy and Clean Air Research Center.
The newspaper pointed out that the situation is about to take a turn for the worse, as the new sanctions that the European Union and Britain agreed to impose on Russia by the end of the year are likely to push up oil prices.
Some analysts warn that the price of a barrel of oil may exceed $200, which could easily push Western economies into recession.
The only permanent way to reduce Russia's economic power as an energy source is to reduce the demand for its energy
The newspaper pointed to a plan for the administration of US President Joe Biden that could avoid this crisis, which is to establish a buyers cartel (alliance), which is an agreement between Russia’s clients to set a ceiling for the price of Russian oil, provided that this ceiling is much lower than the current market price, which reduces sharply From the role of Western consumers in financing the Russian army.
The newspaper described the plan as a bold and untried idea, and it also appears to be the best available option;
And if it succeeds, it could deprive Russia of revenue without destroying the economies of the countries trying to support Ukraine.
However, creating a cartel is not easy, but US officials argue that the cartel can still increase pressure on Russia by allowing non-participating countries to obtain larger discounts as well.
It is also difficult to maintain the cartel, she added.
Since participants can benefit from price cap cheating, monitoring the rate-fixing agreement is very difficult, but in this case a reasonable enforcement mechanism may be in place.
The newspaper added that the only permanent way to reduce Russia's economic power as an energy source is to reduce the demand for its energy, and considered the buyers' cartel as a temporary means.
After decades of dependence on Russia, European countries are scrambling to adopt new plans to reduce energy use and expand sustainable wind and solar power.
Its editorial concluded that Ukraine needs the continued support of its allies in what may be a protracted conflict, and that imposing unnecessary pressure is counterproductive.