Igor Antunov wrote:
Boom: https://www.reuters.com/markets/commodi ... 022-05-19/
China pays a lot less than the West for oil.
Further, building a new pipeline to send China more oil would take a decade. Thousand of miles through undeveloped land.
Lastly, while everybody is going to be hurt by inflation, we have advantages. Our domestic oil will hold down prices here.
On the other hand, we've thrown the Russian economy off a cliff. If you don't want to become a 3rd world country, just stop.
"What’s important about this second Russian setback is that it interacts with another big surprise: The remarkable — and, in some ways, puzzling — effectiveness, at least so far, of Western economic sanctions against the Putin regime, sanctions that are working in an unexpected way.
However, that can’t be the whole story, because Russia seems to have lost access to imports even from countries that aren’t imposing sanctions. Matt Klein of the blog The Overshoot estimates that in March, exports from allied democracies to Russia were down 53 percent from normal levels (and early indications are that they fell further in April). But exports from neutral or pro-Russian countries, including China, were down almost as much — 45 percent.
One final point: The effect of sanctions on Russia offers a graphic, if grisly, demonstration of a point economists often try to make, but rarely manage to get across: Imports, not exports, are the point of international trade."
https://www.nytimes.com/2022/05/19/opin ... raine.html