The Russian Federation has signaled once again that it does not expect serious harm to befall its fossil fuel industry amidst economic sanctions and international isolation, arguing that it will continue to find buyers, even if Europe and the United States cease doing business with Russian oil exporters. “We will not persuade anyone to buy our oil and gas,” said Russian Foreign Minister Sergei Lavrov on March 10. “If they want to replace it with something, they are welcome, we will have supply markets, we already have them.” While the international community has responded to Russia’s invasion of Ukraine with resounding disapproval, the economic isolation is not universal. Russia remains closely aligned with China, Cuba, Venezuela, Belarus, and Syria, and the country will likely continue trading with Turkey, which has become increasingly dependent on Russian exports in recent years. Under the current, fragile state of the Turkish economy, the loss …
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