President Vladimir Putin’s war in Ukraine, and the wave of Western sanctions in response, is starting to hit Russia’s economic engine: Its prodigious oil-and-gas industry.
The U.S. and Canada have barred the little Russian oil they import, while the European Union is considering a ban. But for the most part, Western sanctions have so far avoided directly limiting most of Russia’s energy exports. U.S. and EU restrictions, though, have already cut off Russia’s access to funding and advanced technology to develop and maintain its aging fields.
