Commodities pro Dennis Gartman says he knows how the White House can disarm the Russian economy's greatest weapon.
During an interview on CNBC's "Squawk Box" on Monday, the publisher of the Gartman Letter said the Obama administration should consider flooding the market with hundreds of millions of crude oil barrels from the U.S. strategic petroleum reserve, a move that could drive down crude prices $10 to $15 a barrel. That would severely damage the oil-rich Russian economy, Gartman said.
"The smartest thing they can do to counter what Mr. Putin is doing is to fight him on the one weapon he has, which is oil," Gartman said, adding that such a move would also boost the U.S. stock market.
His comments come as the U.S. and European Union allies weigh tougher economic sanctions against Russia, which continued to seize military bases from Ukraine in Crimea, storming a marine base Monday morning with stun grenades.