How to squeeze Russia's oil revenue without threatening a supply shock

As Europe aims to phase out Russian oil imports within months, attention is starting to shift to whether the US will impose secondary sanctions on Russian oil customers. Edward Fishman, who was the Russia and Europe sanctions lead at the State Department during the Obama administration, argues the US should take that step. Fishman, nonresident fellow at Columbia's Center for Global Energy Policy, outlines how escrow accounts can be used to keep oil revenues from going to Russia without threatening a shock to global energy supplies. He draws on Iran sanctions history to make the case that China and India would have incentive to comply with US secondary sanctions. Fishman was a member of a Stanford University working group that outlined steps the Biden administration could take to expand sanctions on Russian energy, transportation, insurance and banking. Stick around after the interview for Chris van Moessner with the Market Minute, a look at near-term oil market drivers. This podcast was produced by Meghan Gordon in Washington and Jennifer Pedrick in Houston.