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The sanctions imposed against Russia in response to its invasion of Ukraine are not the first time oil embargoes have been used as a political tool. History tells us that the latest wave of embargoes will lead to positive long-term benefits: innovation, efficiency and more self-sufficiency.

Russia is among the world’s three largest oil producers and was the second-largest oil exporter. In the last two weeks the US, UK and Australia have announced various bans and phase-outs of Russian oil, natural gas and coal, and Germany halted the construction of the Nord Stream 2 Baltic Sea gas pipeline project, designed to double the flow of Russian gas direct to Germany...

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