Russia’s war in Ukraine has become the greatest economic challenge of President Biden’s time in office, threatening to push the world into a recession that could endanger an already fragile American recovery.The combination of punishing sanctions, championed by Mr. Biden and his allies, and Russia’s retaliation has ricocheted through global food and energy markets, exacerbating already high inflation and undercutting global growth. An oil shock set off by the invasion sent average gasoline prices above $5 a gallon nationally in June, before they fell steadily in July and August.This week, the European Union is expected to put finishing touches on a plan that would attempt to contain further economic damage by imposing a cap on the price that Russia can earn from selling a barrel of exported oil. The untested idea, engineered by Mr. Biden’s Treasury secretary, is aimed at keepin …
