The essential calculation is that NATO and its allies must not go into direct combat with Russian forces and risk turning this into a nuclear confrontation. It is on the economy, then, that Australia can bring some pressure to bear. | OPINION CroweDM
The war in Ukraine has descended so quickly into crimes so great that the moral case for a powerful response grows stronger by the day. The latest atrocity, thein Mariupol, only adds to the urgency about what else can be done to stop the Russian invasion.
It is on the economy, then, that Australia can bring some pressure to bear. Any pressure is worth considering when Australia is a huge energy supplier with the capacity, in theory, to reduce some of Putin’s leverage. This has been on federal cabinet’s agenda for good reason. The latest step, a US embargo of Russian oil, gas and coal, shows the willingness to go further but also, crucially, the limits of what is possible. US President Joe Biden can act in the confidence that the US is an oil exporter in net terms.Europe is exposed. It relies on Russia for at least 4.5 million barrels of oil each day, or about a third of its imports, and will not join the immediate US embargo.
High gas prices would bring a reward, although this would be offset by the global economic shock from rising oil prices. Ultimately, however, the decision turns on a moral question. What is the best way for Australia to weaken Putin? The answer will sit uneasily with many people who believe in the need to reduce carbon emissions and therefore phase out gas.
Australia Latest News, Australia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Australia news LIVE: Russia shifts stance on Ukraine hospital bombing; experts call for natural disaster insurance scheme in wake of NSW floodsThe Kremlin says it will look into the bombing of a maternity hospital in Ukraine following previous denials, Australian experts are calling for the federal government to establish a natural disaster insurance scheme and politicians are mourning the sudden death of Labor senator Kimberley Kitching.
Read more »
Australia news LIVE: Russia shifts stance on Ukraine hospital bombing; experts call for natural disaster insurance scheme in wake of NSW floodsThe Kremlin says it will look into the bombing of a maternity hospital in Ukraine following previous denials, Australian experts are calling for the federal government to establish a natural disaster insurance scheme and politicians are mourning the sudden death of Labor senator Kimberley Kitching.
Read more »
Australia news LIVE: Russia shifts stance on Ukraine hospital bombing; experts call for natural disaster insurance scheme in wake of NSW floodsThe Kremlin says it will look into the bombing of a maternity hospital in Ukraine following previous denials, Australian experts are calling for the federal government to establish a natural disaster insurance scheme and politicians are mourning the sudden death of Labor senator Kimberley Kitching.
Read more »
Australia news LIVE: Russia shifts stance on Ukraine hospital bombing; experts call for natural disaster insurance scheme in wake of NSW floodsThe Kremlin says it will look into the bombing of a maternity hospital in Ukraine following previous denials, Australian experts are calling for the federal government to establish a natural disaster insurance scheme and politicians are mourning the sudden death of Labor senator Kimberley Kitching.
Read more »
Australia news LIVE: Russia shifts stance on Ukraine hospital bombing; experts call for natural disaster insurance scheme in wake of NSW floodsThe Kremlin says it will look into the bombing of a maternity hospital in Ukraine following previous denials, Australian experts are calling for the federal government to establish a natural disaster insurance scheme and politicians are mourning the sudden death of Labor senator Kimberley Kitching.
Read more »
Russia again promises to let Ukrainians flee as Mariupol residents face 'apocalyptic' conditionsA senior Ukrainian official says his country must hold off Russia's attack for the next seven to 10 days to deny Moscow any sort of victory.
Read more »