As the war in Ukraine approaches its 100th day, sanctions are failing to stop Russia’s public finances from swelling. Though it may be a pariah across the developed world — with corporate giants having fled and the economy heading for a deep recession — the war machine remains very much operational. Soaring energy and commodity prices are creating a flood of cash that could average $800 million a day this year.
That will be a major concern for the EU, as it continues to struggle with securing agreement on a sixth package of sanctions, which cover crude oil imports. Hungary raised new or already rejected demands, sinking a push to clinch a deal yesterday. EU ambassadors may meet again today.
Still, the EU is trying to coordinate a ban on providing the insurance services needed to ship Russian oil anywhere in the world with some Group of Seven members, including the UK. That would make it harder for Putin to restock his war chest.