‘Toothless’ sanctions
Why the world’s largest waste management company made a $3 billion bet on the US.
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Why the world’s largest waste management company made a $3 billion bet on the US.
Last month, the Trump administration imposed fresh sanctions on Russia’s two largest oil companies, Rosneft and Lukoil, signaling a renewed desire to drive Moscow to the negotiating table in its war against Ukraine. But although these measures have the potential to harm the Russian economy, just how much damage they inflict will depend largely on one actor: Beijing. China bought almost half the oil Russia exported in 2024, evading Washington’s existing restrictions in the process. And new sanctions alone will do little to push China into significantly reducing its purchases.
US tariffs on India for purchasing Russian oil may stem more from frustrations in US-India trade negotiations than from a concern about funding Russia’s war in Ukraine.