Sure, maybe so.
From a WSJ interview yesterday:
At the same time, Finely said later in the interview,Allysia Finley wrote: Well, I don't think it's really going to hurt Mr. Putin much. US consumption or Russian oil only makes up about 3% of US consumption, less than 10% of Russia's oil exports. Overall, oil and gas make up 50% of Russia's budget, which is huge. Putin cannot finance his war on Ukraine without the oil and gas sales. That said, US again, is just a drop in the bucket. What you really need is larger, broader sanctions on Russian energy sales, and that would involve not just Europe, but also Asia. Because as Blinken said, oil and gas, it's a global market. And without a global response, you're not going to get... Energy or oil prices are going to continue to be high, which is going to continue to benefit Putin's budget.
So no, a US embargo won't break Russia's back. But I would argue that it does put increased pressure on them. Some people that normally would buy Russian crude aren't buying it now, with or without the sanctions.I think that's right. As you said, some of it, it's already baked into the price, about 70% and probably now more of Russian crude exports are quote unquote self sanctioned, of traders just are['nt] buying it because of the risk of sanctions or other insurance costs or difficulties or logistics in getting it delivered because of other sanctions. So a lot of it's already off limits right now.
I think that the reasons for a US embargo are not entirely economic, but also moralistic, to condemn the Russian invasion. I think public opinion in the US is largely against the invasion, to the extent that many US consumers are willing to pay more at the pump if they have to. Maybe the administration welcomes this situation as a scapegoat on which they can blame rising energy prices, where before the blame has frequently been placed on Biden's energy policy.