By Ramishah Maruf, CNNFormer Treasury Secretary Larry Summers said price caps on Russian energy should be stiffened up to maximize the impact of sanctions on the country as the war in Ukraine hits a year. Trade with Russia’s neighbors “has ramped up considerably in the last year, which suggests that they’re serving as a way station for goods to get into Russia,” Summers said. Russian assets should be the ultimate source to pay the bill to rebuild Ukraine, Summers said. In addition to Ukraine, Russian assets should be used to support “the developing world that have paid and suffered enormously from higher food and energy prices because of Russian aggression,” Summers asserted. It could set a “healthy precedent” for countries engaged in cross-border aggression like Russia to lose state assets, Summers added.

Source: CNN February 27, 2023 01:48 UTC