Former Treasury Secretary Larry Summers said price caps on Russian energy should be stiffened up to maximize the impact of sanctions on the country as the war in Ukraine hits a year
The former Harvard University president said on Fareed Zakaria GPS Sunday, economic sanctions on Russia haven’t bitten hard because a countries making up a significant part of the world’s GDP, like China, India and Turkey, haven’t participated. Russia’s economy is set to grow by 0.3% this year, the IMF reported, better than the UK or Germany, despite the sanctions and frozen central bank reserves.
The way to win the economic aspect of this, Summers said, is to support Ukraine’s economy, which has left bombed cities and millions destitute. Russian assets should be the ultimate source to pay the bill to rebuild Ukraine, Summers said. In addition to Ukraine, Russian assets should be used to support “the developing world that have paid and suffered enormously from higher food and energy prices because of Russian aggression,” Summers asserted.
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