If radical steps are taken, an economic recession in Russia may occur in a year, says Yury Horodnichenko, a University of California, Berkeley professor. For this to take place it is necessary to shut off Russia’s oil faucet, in particular, the flow of oil and liquefied gas to India, China, and other countries.
“Ideally, a full embargo on Russian oil and liquefied gas should be introduced, giving the fastest results,” the expert believes. To increase pressure on Russia, Gorodnichenko proposes lowering the price ceiling for Russian oil from the current $60 cap. However, the problem is that the G7 countries need to strictly implement this price cap regime, fearing a crisis in the energy market. At the same time, Michael Kimmage, a history professor at the Catholic University of America, is convinced that increasing pressure on Russia will only be possible after the elections in the US.
After the election, the new president will have “more freedom than during the campaign because there are many concerns about local issues such as inflation, and any tightening of sanctions against Russia are difficult to implement.”