Russia’s full-scale invasion of Ukraine in February 2022 challenged much of the common Western understanding of Russia. How can the world better understand Russia? What are the steps forward for Western policy? The Eurasia Center’s new “Russia Tomorrow” series seeks to reevaluate conceptions of Russia today and better prepare for its future tomorrow.

In the two-plus years since Russia’s full-scale invasion of Ukraine, the United States and its allies have imposed approximately two thousand sanctions on Russian corporations, financial institutions, and individuals. Though Russia’s oil and gas industries – the lifeblood of the Russian economy – have been a primary focus of the sanctions, the impact on these sectors has varied significantly.

The latest report in the Atlantic Council’s Russia Tomorrow series, “Oil, gas, and war: The effect of sanctions on the Russian energy industry,” by author Vladimir Milov assesses the real impact of Western-led sanctions on Russian oil and gas industries and how to calibrate them to have the maximum impact on Vladimir Putin’s ability to continue financing and waging his war of aggression against Ukraine. Throughout the paper, Milov explores how the effect of sanctions has varied between the oil and gas industries, examines the role of China and the Global South in mitigating the negative impact of sanctions, and the impact of liquified natural gas (LNG) in Putin’s efforts to evade sanctions.

Are oil and gas still Putin’s lifeline? How can Western policymakers make sanctions against Russia’s oil and gas industry more effective? What role do Asian energy markets play in propping up Putin?

In conversation with

Anders Åslund
Senior Fellow
Stockholm Free World Forum

Olga Khakova
Deputy Director, European Energy Security, Global Energy Center
Atlantic Council

Vladimir Milov
Vice President, International Advocacy
Free Russia Foundation

Aura Sabadus
Senior Energy Journalist
Independent Commodity Intelligence Services

Moderated by

Related content

Presented by

The Eurasia Center’s mission is to promote policies that strengthen stability, democratic values, and prosperity in Eurasia, from Eastern Europe in the West to the Caucasus, Russia, and Central Asia in the East.

Atlantic Council TV

Watch this event and more content on ACTV

Follow the conversations shaping our world. Available on all major platforms.