The Conversation - Has Russia overplayed its energy hand?

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Russia is one of the world’s top three oil producers and reaps billions of dollars from oil sales. As democratic nations seek ways to punish Moscow for invading Ukraine, they are openly discussing reducing purchases of Russian oil.

The effects of such action aren’t clear, according to Tufts University energy expert Amy Myers Jaffe. Releasing oil from national reserves and increasing production in other countries could help replace Russian crude, although few oil producers have spare capacity right now. But Russia has already had to sell some shipments at steep discounts, and if wealthy nations cut their purchases, Moscow’s influence as an energy provider could erode further.

Also today:

Jennifer Weeks

Senior Environment + Energy Editor

Oil tanks get filled on Russia’s Mendeleev Prospect oil tanker in Primorsk on the Baltic Sea. Alexander Ryumin\TASS via Getty Images

Can wealthy nations stop buying Russian oil?

Amy Myers Jaffe, Tufts University

Russia is one of the world’s top three oil producers and a major oil exporter. How will it, and global oil markets, respond if its wealthiest customers turn off the tap?

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