Geo Political Economy
By Ben Norton
May 1, 2023
The European Union heavily sanctioned Russia and pledged to boycott its oil, yet continues to buy it, and at an even higher price, albeit indirectly.
India is importing record levels of discounted Russian crude, purchasing it in currencies other than the dollar. India then refines the Russian oil and exports fuel to Europe at a profit.
Meanwhile, increasing energy costs in Europe have stoked inflation, causing workers’ wages to significantly decline.