The Secondary Sanctions Squeeze

U.S. President Donald Trump is now largely following his predecessors hostile policy towards Russia.

If the war in Ukraine continues on its current path Russia will end it with an outright victory. The U.S. and its European vassals are trying to impose a ceasefire to prevent that. It would give time to rebuild the Ukrainian army and to restart the war at a more convenient time. But Russia won’t budge until its war aims are met.

A hoped for countermeasure is to pressure Russia’s oil customers, to...