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Why banning Russian oil may not ruin their economy

Mount Equity Group Tokyo Japan > News > Markets > Why banning Russian oil may not ruin their economy

(NewsNation Now) — Some experts are cautioning that crippling Russia financially would take more than Western powers shunning their oil.

“I don’t think they’ll fully collapse, in part because of China. China is going to continue to buy oil from Russia,” Dmitri Alperovitch, a former NATO advisor, said Thursday on “The Donlon Report.” “Their economy is going to contract this year massively, but it’s not going to collapse completely.”

House Speaker Nancy Pelosi joined a growing bipartisan drum beat Thursday in favor of banning Russian oil in America. It appeals to both parties in theory — Democrats want to accelerate the switch to renewable energy and Republicans want to reduce energy dependency on foreign countries.

But the cost to Americans could be higher than the cost to Russia’s government. Gas prices would continue to climb to heights we haven’t seen in decades. The U.S. average was…

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