Driven by hubris and moral certitude, West harms itself, triggers economic crisis and hands Putin a ’win’,

Sreemoy Talukdar, Senior Editor @firstpost.

Russian economy is more resilient than was perceived and Putin, instead of being paralysed by Western sanctions, is inflicting pain on the West in return.

Speaking at the European Parliament, European Union’s climate chief Frans Timmermans recently admitted that “the risk of a full gas disruption is now more real than ever before”, adding that “all this is part of Russia’s strategy to undermine our unity.”

Well, who would’ve thought that Russia would retaliate?

Europe’s economic powerhouse, Germany, is beside itself with worry. Vladimir Putin’s move to cut gas supplies to Europe has hit Germany — that had grown reliant on cheap Russian energy — the hardest. Germans across the board, from industrialists to politicians, are panicking that factories will be shuttered, industries will collapse, and the country’s growth engines will come to an abrupt halt. Europe is staring at a recession. Winter is coming. There is now a very real fear that it would be among the harshest in recent memory. […]

During the first two months of the war, according to research by Center for Research on Energy and Clean Air (CREA) released in April, Russia nearly doubled its revenue by selling fossil fuels worth 58 billion euros, 70% of which was shipped via pipelines to the EU. If we stretch the period to first 100 days, CREA report released in June says fossil fuels are continuing to fund Putin’s war chest with Russia earning 93 billion euros in revenue from exports in February 24 to June 3. The largest importers were China, Germany, Italy, Netherlands, Turkey, Poland, France and India. The report also reveals that despite offering a discount, Russia is still selling at 60% higher prices than last year. Läs artikel