It is not just Russia. Europe and the UK will suffer as well as fuel and gas prices will raise significantly (2x?) of already high levels.
Western world spent trillions of dollars to try to offset impact from the virus. It's not a bad idea to spend even few more, to stop prospects of next world war/cold war and stop a madman who openly wants to rebuilt one of the most evil empires in the history.
It's actually an existential threat for a lot of people. The German leadership just like the USA is so far detached from the normal population that they won't care, and the normal population in Germany isn't like in the middle east, so they will likely take it with some complaints.
But since you can't easily get loans like in the US in Germany I wonder what that will mean for people that can no longer afford their bills though. I've seen people being taken to jail in Germany for unpaid 20 Euro bills or not paying public transit.
Just put on more clothes and turn your heating down, easy to drastically reduce your gas bill. Most homes also have tons of low hanging fruit to improve insulation.
I know I’d be more than happy to wear an extra sweater or two in order to have Europe without wars.
Innocent people are dying as the result of an unprovoked war. Sanctions on Russia will inevitably have some negative economic consequences for the West - the question is, what is the total price of these consequences?
You can't ration energy in a democracy while simultaneously being staunchly opposed to the development of new energy generation infrastructure. No electorate will tolerate that.
It is as pure an example of 'you're not doing your job' as I can imagine. One of the core roles of government is to guarantee food and energy security for its populace.
You only see $3. Just watch those wheels turn. There's another $4, which is what we spend to keep American troops around the world to keep the price.
So you're paying more than seven dollars a gallon; you just don't know it.
And the prices of oil will normalise fairly quickly when ppl stop with the panic as supply is currently not affected. It might be in the future but there are mechanisms and levers the world can use.
India on the other hand has a far weaker hand as they don't have the economic muscle to challenge the Western sanctions and they are dependent on Russia for military hardware. It seems mind boggling that they are not self reliant on defence equipment, even smaller ones. They can't replace all of that hardware with stuff from West as well, as that will be too costly.
They're not going to help Russia - they're going to exploit the situation and demand deals that are barely tolerable for Russia.
As far as I have kept track, not a single barrel has disappeared from the market due to sanctions until now.