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Sanctions on Russia: How to Close the Loopholes
The key takeaways from Chatham House conference
On Thursday, March 13 I participated in an online conference organised in London by the Royal Institute of International Affairs (Chatham House): Sanctions on Russia: Loopholes and how to close them.
As the subject is relevant to many of my Medium readers, I would like to share with you some insights and the key takeaways.
The current approach to sanctions on Russia is based on the expectation that a decrease in living standards will prompt a change in the Kremlin’s policies, or at least in its capacity to wage war. However, this strategy may not be effective, or at least, it may not be effective in a timely manner. Putin’s popularity remains high among the Russian populace, and in the absence of a mutually beneficial agreement, Russia appears poised to continue its military operations for a fourth consecutive year.
The strategy of setting a limit on the price of oil, Russia’s primary source of revenue, was initially sound. However, Russia has found ways to circumvent the effects of this policy by leveraging its “shadow fleet.”
In order to evade sanctions, the Russian shadow fleet employs a variety of tactics, including the use of flags of convenience, intricate ownership and…
