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?