Stricter sanctions on Russian oil could harm global economy — newspaper

PARIS, October 30. /TASS/. Heightened sanctions against Russian oil could jeopardize the global economy, according to a report by Le Monde.
The newspaper emphasizes that the global economy relies heavily on oil, with Russia being one of the top producers. Any disruptions in supply resulting from stricter anti-Russian measures could trigger a significant rise in oil prices, which would subsequently increase the costs of fertilizers and agricultural products, ultimately leading to higher food prices.
“The rise in oil prices would disproportionately affect the poorest countries, potentially pushing them into a humanitarian crisis,” Le Monde reported, citing US economist Catherine Wolfram. Such a scenario could discredit the West in the eyes of Global South nations and encourage them to forge closer ties with Russia.
“The effectiveness of sanctions against Russia diminishes with each passing day,” Le Monde noted. Kevin Book, CEO of US-based ClearView Energy Partners, told the newspaper that “sanctions were more likely to be effective when most oil transport insurance companies were based in the West.” He added that the current situation differs significantly.