PRESIDENT JOE BIDEN has promised to “ratchet up the pain” for Vladimir Putin over Russian atrocities in Ukraine. The EU vows wave after wave of “rolling sanctions”. Momentum is growing in the West to fire the two big economic weapons that have so far been kept largely locked in the arsenal: an embargo on Russian oil and gas, and “secondary” sanctions, which would penalise people and entities from other countries that trade with Russia.
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