Southeast Asian concerns over Russian sanctions

(MENAFN) Benedict Weerasena, the research director at the Malaysian think tank Bait Al Amanah, has cautioned that the sanctions imposed on Russia by Western nations are sending a clear signal to other countries that they could also face similar consequences if they engage in undesirable behavior.

During an interview with RT at the Valdai Discussion Club in Sochi, he raised doubts about the efficacy of the USD60-per-barrel price limit imposed on Russian oil by the EU, G7, and their allies in December of 2022, in addition to the embargo on the export of Russian seaborne crude oil.

“It’s important to understand the reality of the price cap. Is it really effective? Can it be implemented considering how the OPEC system and global tanker trade works? If sanctions don’t work in reality, then what is the purpose of them in the first place?” Weerasena stated.

He believes that countries in Southeast Asia, particularly those in emerging markets, are not in favor of the sanctions against Russia. They are concerned that, in the future, the US and other Western nations might apply similar restrictions to Asian oil-producing nations.

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