WASHINGTON — A year ago, the West launched a bold campaign to cripple Russia’s economy and punish President Vladimir Putin for invading Ukraine.
The centerpiece of the strategy was a plan to choke off Russia’s lucrative energy exports, which account for about half of the country’s government revenue. The United States and its allies banned Russian oil and gas imports, and they sought to persuade other countries, particularly China and India, to boycott Russian energy as well.
At first, the West’s energy strategy seemed to be working. The price of Russian oil and gas skyrocketed, and Russia’s economy began to suffer. But over time, the unintended consequences of the West’s actions became increasingly clear.
The rising price of energy fueled inflation around the world, particularly in Europe, which is heavily dependent on Russian gas. The soaring cost of energy also forced many businesses to close or scale back production, leading to widespread job losses and economic hardship.
In addition, the West’s energy strategy has helped to push Russia closer to China. China has been a major buyer of Russian oil and gas, and it has been helping Russia to develop new energy markets in Asia.
As a result of all these factors, the West’s bid to crush Putin has led to a global energy crisis. The crisis is causing widespread economic damage, and it is making it more difficult for the West to maintain a united front against Russia.
Here is a more detailed look at the unintended consequences of the West’s energy strategy:
**Inflation**
The rising price of energy has been a major driver of inflation around the world. In the United States, inflation hit a 40-year high of 9.1% in June 2022. In the Eurozone, inflation hit a record high of 8.6% in June 2022.
The rising cost of energy has made it more expensive for businesses to operate, and it has also made it more difficult for consumers to afford basic necessities such as food and housing.
**Economic hardship**
The rising cost of energy has forced many businesses to close or scale back production, leading to widespread job losses and economic hardship. In the United States, for example, the manufacturing sector has been particularly hard hit by the rising cost of energy.
**China’s growing influence**
The West’s energy strategy has helped to push Russia closer to China. China has been a major buyer of Russian oil and gas, and it has been helping Russia to develop new energy markets in Asia.
China’s growing influence is a major concern for the West. China is already the world’s second-largest economy, and it is rapidly expanding its military. If China continues to grow closer to Russia, it could pose a serious threat to the West’s global dominance.
The West’s energy strategy has been a major miscalculation. The strategy has failed to crush Putin, and it has led to a global energy crisis that is causing widespread economic damage. The West needs to reassess its strategy and find a more effective way to deal with Russia’s aggression..
