Ukraine’s allies are letting Russia off the hook

For months, energy analysts have been fretting about what might happen on Dec. 5, when two things were due to occur. First, a European ban on seaborne imports of Russian oil would go into effect. Second, the world’s advanced economies would impose a price cap on Russian oil.

December 5 has arrived, and … nothing much has changed. That’s good news for oil purchasers, since markets are not registering any unusual concern about supply disruptions. But business-as-usual in energy markets also suggests the West’s latest effort to curtail Russia’s war-making ability is a dud. Russia seems likely to continue earning […]

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