There is no name for this other than blackmail. It’s a bad idea for Europe in the short term and for Russia in the long term.
The West imposed sanctions on Moscow after Putin’s forces invaded Ukraine in February. Of course, Putin is not good at playing the long game. But his short game has no end in pain and suffering. This is certainly the case in Europe. But for various reasons, Europe and the West must be firmly united. That’s the only realistic way to deal with bullies.
Europe responded quickly and decisively. Even before Peskov’s remarks, much of the continent began implementing measures to soften the blow of cuts that had already begun and the impact of soaring energy prices and inflation affecting millions of people. The banner headline ‘Energy prices: European countries mobilize’ ran on the front page of the French newspaper Le Monde on Monday. Eurozone inflation is at 9.1%, more than four times his target of 2%, and a Reuters survey shows the continent is “almost certain recession.”
Meanwhile, at Monday’s meeting of oil ministers from major OPEC countries and other major oil producers, including Russia, it was decided that: cut output target 100,000 barrels per day is a relatively small amount, but not insignificant. The move was in stark contrast to OPEC’s pledge to increase production by that amount following President Joe Biden’s decision. Controversial ‘fist bump’ summit With Crown Prince Mohammed bin Salman at the Al Salam Royal Palace in July. The meeting was a bad idea and now it’s even worse.Within minutes, Monday’s OPEC action sent oil prices Soaring 3% in the world market.
From rising energy costs to skyrocketing inflation, many countries are taking drastic measures to meet these challenges. On Sunday, the federal government in Berlin $65 billion bailout plann Support German families. Britain’s new Prime Minister Liz Truss Similar rescue plan A Treasury insider told The Sunday Times that it was likely to exceed £100 billion ($115 billion).
At the meeting of European energy ministers on September 9th, Plans to cap natural gas prices across continents.and the G-7 Energy Minister agreed to impose a price cap Regulations on Russian oil and petroleum products beginning in December are aimed at cutting Kremlin revenues and undermining Russia’s financial base while allowing its oil to continue to supply global markets. increase.
Also on Monday, the two pillars of the African continent, French President Emmanuel Macron and German Chancellor Olaf Scholz, held a videoconference to discuss energy. At a press conference after the meeting, President Macron told reporters: Agreed: France will supply Germany with surplus gas, and in return Germany will send the electricity it generates to France.President Macron also asked residents of France to 10% reduction in energy consumptionThe cutoff, or ration, he said.only a last resort.”
but the pain unlikely to sink in a few days. Peskov’s remarks prompted the euro to plummet to his 20-year low against the dollar early Monday morning. The European Central Bank is already considering Sharp’s introduction. 50 or 75 basis points increase Lending rates across the continent as they meet on Thursday reflect the path the US Federal Reserve has taken over the months. “hawk shift,As noted by the Financial Times of London. “There are no pigeons left for the ECB, only average hawks and super hawks. A balance sheet of trillion securities.”
Indeed, Europe has other options, but they are neither attractive nor influential.Soviet-era pipelines passed through Ukraine uninterrupted despite Russian aggression and war. We are still seeing natural gas flows that Opposition of Ukrainian leaders, via Turkey.More supplies from Norwegian- and British-controlled North Sea wells could help Europe survive, but until then, perhaps the reason may be back in the Kremlin. drilling can prove very controversial Because of long-standing environmental problems.
It’s certainly a price worth paying, but the pain is severe and there are already voices of opposition. Matteo Salvini, leader of Italy’s far-right League party, argued over the weekend that the sanctions had actually caused Russia to build a $140 billion payment surplus and hurt the economies of Europe, especially Italy. He “doesn’t want the sanctions to harm those who impose them more than those who are hurt.” Salvini DeclarationSalvini’s League is in coalition with other Italian right-wing political parties. A big lead ahead of the September 25 general election According to a Politico poll.
Unsurprisingly, Ukraine and many European countries have resisted calls for the sanctions to be lifted. Ukrainian President Volodymyr Zelensky said in a telephone call with European Union Commission President Ursula von der Leyen, squeezed europe To further tighten the screw on Russia with a new round of sanctions.
Strong will is essential at ballot boxes and in ministries and parliaments across the continent. Putin has substantial support in some areas that are still isolated. The West must have an equally deep understanding of how high the price of contraction will be in the face of Russian ferocity.