Tensions run high between Russia and Europe
Letter from Europe: Weaponised interdependence?
Mounting fear of an invasion of Ukraine has put Europe’s uneasy relationship with its biggest gas supplier back into the spotlight
Russian gas flows to Europe were unaffected by Moscow’s annexation of Crimea in 2014, partly because economic interdependence had evolved into a condition of mutually assured economic destruction. In 2013, gas accounted for about 14pc of Russia’s export revenues, or roughly $73bn. Russian gas accounted for nearly 30pc of EU supply, and more than a third of Germany’s. And so, when the US and EU formulated their response to the annexation, they were careful to avoid any measures that could disrupt the continued flow of gas from Russia to Europe. But now, Russia's swollen cash reserves may have convinced the Kremlin that it could withstand any retaliatory economic strike. Russia’s foreign reser
Also in this section
22 September 2023
Former executives and a successor company are accused of complicity in Sudanese war crimes in what is now South Sudan
21 September 2023
Nigeria’s downstream status quo changed forever with the end of fuel subsidies, but the flagship Dangote refinery has still yet to start operations
20 September 2023
Geographical position, long-term demand and decarbonisation efforts continue to support the region’s burgeoning LNG sector
19 September 2023
The special administrative region has introduced the fuel as part of its drive for carbon neutrality, but it will take years for imports to ramp up
