Russian President Vladimir Putin‘s use of energy as a weapon of financial war is increasingly backfiring, threatening the core of Russia’s beleaguered economy and curtailing its geopolitical influence. Western sanctions, falling prices for Russian fossil fuels and strategic miscalculations are hurting the country’s oil-and-gas industry while the war in Ukraine is poised to stretch into a second year. Ultimately, the strain will erode Moscow’s status as an energy superpower, according to analysts and former energy officials and executives. Key Words (September 2022): Yellen says Biden’s climate law helps put Putin in his placeAlso see: Europe has avoided energy collapse. European gas prices have of late tumbled 15% to levels last experienced in September 2021.

Source: Wall Street Journal January 17, 2023 17:26 UTC