Russian oil option

IN modern geopolitics, energy — specifically its supply, pricing and availability — can be and is weaponised by states and blocs to secure leverage. The Western decision to sanction Russian oil and gas after Moscow’s invasion of Ukraine is a case in point. That is why states that are not major energy producers, like Pakistan, need to craft foolproof energy security policies that can shield them from major price shocks and supply disruptions if the world’s current geopolitical tussles mutate into uglier confrontations. In this regard, the American offer to relax strictures on low- and middle-income countries that seek to import Russian energy is welcome. Talking to this paper recently, a State Department official said the waiver was being considered to keep Russian oil on the market in order to keep prices stable.