The problem with oil sanctions in a nutshell: Russia is one of the largest producers. Therefore, turning off the tap completely leads to global shortages that cause oil prices to "go through the roof.
While that has been avoided, Van Cleef says, "we have seen mostly a shift in world trade. Putin is still selling oil at dumping prices to countries that do not support the sanctions, such as India, but the sanctions are taking their toll, according to Van Cleef.
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