: Putin Still Holds the Cards When It Comes to Global Energy #WorldNEWS The much lauded Transatlantic unity against Russia’s war in Ukraine has failed either to save Ukraine or hobble Russia.

Putin Still Holds the Cards When It Comes to Global Energy #WorldNEWS
The much lauded Transatlantic unity against Russia’s war in Ukraine has failed either to save Ukraine or hobble Russia. Judging by the rhetoric coming out of the Kremlin, however, it has fed Russia’s delusions of persecution and given Putin a gnawing appetite for revenge. This is already taking the form of strangling agricultural exports to force a global food crisis. But beyond the unlikelihood of his aiming a nuclear weapon at a western capital, energy is the most potent weapon in Putin’s reach. He’s using it.
Before Russia invaded Ukraine on Feb. 24, common wisdom held that the energy superpower and the rest of Europe were in a mutually codependent relationship. The logic was that Russia could not afford to lose the European energy markets for its exports any more than the E. U. could afford to lose Russian oil and gas imports. Russia is dependent on Europe buying its oil and gas and coal for 60% of its revenues, 45% of its budget, and 14% of GDP; 0 billion/year. The E. U. is reciprocally dependent on Russia for 40% of its natural gas, 27% of its oil, and 45% of its coal. Win-win, or rather, lose-lose.
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This balance had functioned essentially as a suicide pact—mutually assured economic destruction if either side tried to break free. Things have changed. Having belatedly realized the strategic and very real vulnerability born of energy dependency on Russia, Europe is now trying to win the ensuing standoff. More accurately, most of Europe is trying to break free of Russia’s energy dominance, but it got to the duel late and its pistol has jammed. Russia has gotten off the first shot.
On June 3, the European Union enacted a hard fought ban on Russian energy imports—sort of. The restriction applies only to oil, only if delivered by sea, and only as of December 5, 2022. Two months later, seaborne refined petroleum products (such as diesel and naphtha) will be banned. Oil and oil products that enter Europe from Russia by pipeline are not covered. Natural gas is not covered. Coal is not covered. The ban is prospective instead of immediate. And some countries have exemptions, including Hungary, Slovakia, the Czech Republic, Croatia, and Bulgaria.
An E. U. -wide embargo agreement proved impossible. The U. S. even agreed to maintain a sanctions carve-out through December 5, 2022 that will allow European companies to continue processing payments for Russian oil. Nonetheless, European Commission President Ursula von der Leyen assured the world that despite the narrow scope of the compromise ban it would be “an important step forward. ” She promised 90% of Russian oil imports into the E.

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