Dr Andrei Ilarionov, a former chief economic adviser to Vladimir Putin, was quoted by the BBC as saying that a “real embargo” on Russian energy from the West could stop the war in Ukraine.
Andrei Ilarionov says that “Russia does not take seriously the threats of other countries to reduce the consumption of Russian energy.” Despite attempts to reduce its dependence on Russian energy sources, Europe continues to buy Russian oil and gas. 36% of the Russian government’s expenditures last year were provided as a result of increased energy prices, the BBC reported, BNR reports.
Much of the money in Russia comes from the EU, which imports about 40 percent of its natural gas and 27 percent of its oil from Russia. Ilarionov says that if Western countries try to impose a “real embargo” on oil and gas imports from Russia, he is willing to bet that Russian military operations in Ukraine will be suspended within a month or two.
According to Ilarionov, this remains one of the most effective tools available to the West. He added that President Vladimir Putin was ready for the Russian economy to suffer a blow, which shows what his priorities are. “His territorial ambitions, his imperial ambitions are much more important than anything else, including the well-being of the Russian population and the financial situation in the country, even the financial condition of his government,” said Dr. Andrei Ilarionov.
Russia’s central bank itself predicts that the economy will shrink by 8% this year, while the International Financial Institute forecasts a 15% contraction.
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