1、WORKING PAPER|ISSUE 05/2022|28 APRIL 2022CUTTING PUTINS ENERGY RENT:SMART SANCTIONING RUSSIAN OIL AND GASRICARDO HAUSMANN,AGATA OSKOT-STRACHOTA,AXEL OCKENFELS,ULRICH SCHETTER,SIMONE TAGLIAPIETRA,GUNTRAM WOLFF AND GEORG ZACHMANNIn the wake of the Russian aggression against Ukraine,major sanctions hav
2、e been imposed by Western countries,most notably with the aim of limiting Russias access to hard international currency.However,Russia remains the worlds first exporter of oil and gas,and at current energy prices this provides large hard currency revenues.As the war continues,European governments ar
3、e under increased pressure to scale-up their energy sanctions,following measures taken by the United States,the United Kingdom,Canada and Australia.Given the inelasticity of Russias oil and gas supply,the most efficient way for Europe to sanction Russian energy would not be an embargo,but the introd
4、uction of an import tariff that can be used flexibly to control the degree of economic pressure on Russia.Ricardo Hausmann(ricardo_hausmannhks.harvard.edu)is a Rafik Hariri Professor of the Practice of International Political Economy at Harvard Kennedy SchoolAgata oskot-Strachota(agata.loskotosw.waw
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