World Desk, AnyTV, Brussels
Published by: Harendra Chaudhary
Updated Mon, 07 Mar 2022 04:28 PM IST
Summary
According to analysts, this position of Russia remains a cause of great trouble for Ukraine. Ukraine’s Foreign Minister Dmitry Kuleba has demanded that Western governments impose complete sanctions on Russia. The European Union’s foreign policy chief, Joseph Borrell, has also said that it is being considered.
Energy supply has emerged as the biggest concern amid the ongoing war in Ukraine. Russian President Vladimir Putin is said to be aware of this. That is why they are sure that no matter how much the Western countries make noise, they will not take steps to break Russia’s back.
Europe’s economy is largely dependent on Russian gas supplies. In return, Europe can buy gas from America. But he will have to pay a high price for that. Whereas at present the whole world is troubled by the high inflation rate. In such a situation, European countries will take any step to increase inflation here, it is less likely.
rating agencies downgraded
A report by the website Asia Times states that Western countries have imposed sanctions to punish Russia. Despite this, the reality so far is that Russia’s major financial resources have not stalled. Of course, Russia has been hit hard in the fields of industry, media, finance and sports. At the same time, rating agencies have downgraded it, making it less likely to get further loans from global institutions. But there has been no impact on Russia’s energy exports so far, which is the mainstay of its economy.
The US Energy Information Administration (EIA) said in a recent comment- ‘Russia was the third largest producer of petroleum and liquefied gas in the world in 2020 (after the US and Saudi Arabia). It was the second largest producer of dry natural gas (after the US). Russia is the largest country in the world in terms of area. It holds six percent of the world’s total oil reserves. Whereas it holds 20 percent of the total known reserves of natural gas in the world. Four lakh people are employed in Russia in the oil and gas business.
According to the website Trading Economics, Russia exported a total of $ 493.3 billion in 2021. Of this, 59.3 per cent was from energy. Experts say that because of Russia’s strong position in the energy sector, Western countries are not achieving their objective of stalling the Russian economy. Rather, Europe itself remains dependent on Russia. The EIA wrote- ‘Europe is the main market for Russian oil and gas. As such, Europe is its main source of revenue.
Western governments impose complete sanctions on Russia
Germany is the largest customer of Russian gas in Europe. Then come Italy and France. According to analysts, this position of Russia remains a cause of great trouble for Ukraine. Ukraine’s Foreign Minister Dmitry Kuleba has demanded that Western governments impose complete sanctions on Russia. The European Union’s foreign policy chief Joseph Borrell has also said that it is being considered.
But Andriy Kobolev, former head of Ukraine’s state-owned natural gas company Naftogaz, has said – ‘I have experience working with Vladimir Putin and his team. One of the mainstays of his thinking is that the energy supply is so important to the West that whatever Russia does, the West will kneel to its demand for oil and gas.
Expansion
Energy supply has emerged as the biggest concern amid the ongoing war in Ukraine. Russian President Vladimir Putin is said to be aware of this. That is why they are sure that no matter how much the Western countries make noise, they will not take steps to break Russia’s back.
Europe’s economy is largely dependent on Russian gas supplies. In return, Europe can buy gas from America. But he will have to pay a high price for that. Whereas at present the whole world is troubled by the high inflation rate. In such a situation, European countries will take any step to increase inflation here, it is less likely.
rating agencies downgraded
A report by the website Asia Times states that Western countries have imposed sanctions to punish Russia. Despite this, the reality so far is that Russia’s major financial resources have not stalled. Of course, Russia has been hit hard in the fields of industry, media, finance and sports. At the same time, rating agencies have downgraded it, making it less likely to get further loans from global institutions. But there has been no impact on Russia’s energy exports so far, which is the mainstay of its economy.
The US Energy Information Administration (EIA) said in a recent comment- ‘Russia was the third largest producer of petroleum and liquefied gas in the world in 2020 (after the US and Saudi Arabia). It was the second largest producer of dry natural gas (after the US). Russia is the largest country in the world in terms of area. It holds six percent of the world’s total oil reserves. Whereas it holds 20 percent of the total known reserves of natural gas in the world. Four lakh people are employed in Russia in the oil and gas business.
According to the website Trading Economics, Russia exported a total of $ 493.3 billion in 2021. Of this, 59.3 per cent was from energy. Experts say that because of Russia’s strong position in the energy sector, Western countries are not achieving their objective of stalling the Russian economy. Rather, Europe itself remains dependent on Russia. The EIA wrote- ‘Europe is the main market for Russian oil and gas. As such, Europe is its main source of revenue.
Western governments impose complete sanctions on Russia
Germany is the largest customer of Russian gas in Europe. Then come Italy and France. According to analysts, this position of Russia remains a cause of great trouble for Ukraine. Ukraine’s Foreign Minister Dmitry Kuleba has demanded that Western governments impose complete sanctions on Russia. The European Union’s foreign policy chief Joseph Borrell has also said that it is being considered.
But Andriy Kobolev, former head of Ukraine’s state-owned natural gas company Naftogaz, has said – ‘I have experience working with Vladimir Putin and his team. One of the mainstays of his thinking is that the energy supply is so important to the West that whatever Russia does, the West will kneel to its demand for oil and gas.