The west is already thinking on release from Strategic Reserves to counter the impact, so it wont matter if Putin uses oil as a weapon.
Russia faces the specter of a full-blown financial meltdown. Punishing sanctions leveled by the West have sent the ruble crashing to record lows, shuttered Moscow's stock market and made Russian assets toxic on the world stage. The White House has even taken aim at Vladimir Putin's financial fortress, removing access to at least a chunk of Russia's $630 billion rainy-day fund that was designed to cushion the economic blow of this very crisis. Now comes the big question: How will Putin — who is also facing sanctions on his personal wealth from the West — fire back in what is rapidly morphing into economic warfare? ... (full story)