Oil

Of all the weapons in Vladimir Putin’s arsenal, the most strategically crucial has proved to be not hypersonic missiles but the motley fleet of oil tankers that have allowed Russian oil to keep flowing to international markets. Oil dollars have been the lifeblood of Russia’s war economy during four years of conflict. And the West’s failure to shut that export business down has, so far, been the single most important factor behind Putin’s continued military resilience. Economic sanctions were supposed to be the West’s superpower to punish the Kremlin for invading Ukraine in February 2022. So how come Russia now exports more oil by sea than it did at the

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