Host of “Oh My World!” and former US Treasury Spokesperson for Terrorism and Financial Intelligence Hagar Chemali joins Catalyst to discuss oil (BZ=F, CL=F) market moves amid recent US sanctions against Russia.
Chemali explains that the move in oil prices is not unexpected, as markets typically react to any escalation in sanctions.
“We have to remember that the goal of these sanctions is to target Russia specifically, not only to finance its war machine but to evade those sanctions. And that’s what those recent sanctions are targeting. They’re targeting these tankers that were working around existing Russia sanctions,” she explains.
She adds that since China and India primarily use these tankers, the sanctions also serve to “squeeze” these countries into finding alternatives. These measures, Chemali notes, “undermine [President Vladimir] Putin’s ability to finance his war machine,” making it “harder, costlier, and riskier for Putin to pursue his war in Ukraine.”
“Sanctions [are] a rule. They aren’t a silver bullet. They work overtime, but they don’t work overnight. Every time Russia finds a workaround… It’s kind of like a game of whack-a-mole. You’ve got the US and Europe on the other end whacking that mole,” she tells Yahoo Finance.
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