Oil is the largest source of foreign income for Russia. Every dollar per barrel increase is a windfall Putin can spend on the Russian military and foreign adventures. In October 2020, with President Donald Trump’s energy independence policy, the price of crude was $39.90 a barrel. Today, with Biden’s anti-American energy policy, the price of crude has jumped to $85.43 a barrel.

So, despite Biden’s strong words about sanctions, the effect of his policies has been a $45.53 a barrel increase in profit (or 114.11 percent) for Putin to pay off his oligarchs, buy better military equipment, and engage in foreign adventures. Any supposed sanctions Biden imposed would have to overcome this windfall—and then go much deeper—for Putin to even feel it.