U.S., EU Impose Energy Sanctions on Russia in Response to Ukraine Involvement

In response to “a stark escalation by Russia in the insurgency in eastern Ukraine,” U.S. and European governments imposed new sanctions on Russia “to curtail Russia’s access to Western technology as it seeks to tap new Arctic, deep sea and shale oil reserves,” the New York Times reports (hat tip to The Week). No doubt the sanctions will hurt Russia—and they will also hurt American and European developers and consumers of energy. Of course, if the rest of Europe would get on board with the fracking revolution, other nations wouldn’t be so dependent on Russian energy; see David Biederman’s report for The Objective Standard.