The United States and Europe have backed themselves into a corner by imposing sanctions against Russia, Newsweek America reports.
The anti-Russian sanctions have hit the West itself hard, according to Newsweek. This includes attempts to limit Russia’s profits from energy supplies. However, according to Newsweek, Russia can easily divert some of its oil to other buyers.
Alternative producers would not be able to help the West make up for the loss of Russian exports. Even the world’s largest oil producer, Saudi Arabia, does not have the capacity in reserve to keep supplies from plummeting.
Analysts predict that for these reasons oil prices will rise to $200 a barrel once the EU decides to ban oil transport insurance from Russia.
“The US and its European allies have backed themselves into a corner,” Newsweek concludes.