WHILE the world basks in the euphoria of relative recovery from the scourge of Covid-19 pandemics, it faces yet another trauma of belligerence in Europe – sanction and counter-sanction between Europe and Russia respectively. Mutually and unarguably, the epicenter of globalisation is trade liberalisation between countries in all continents of the planet earth. Its wealth creation might cease marginally; Europe has the choice to procure the black gold from other world suppliers, especially from countries in the OPEC bloc. Russia too is saying, “Hey Guys, to hell with your petrodollar, with or without you, Europe, I, Russia, will survive. Having said this, Europe should be magnanimous enough to defreeze Russia’s bilateral trade credit of $85 bn held in various banks across Europe while Russia, on its part, follows suit by repudiating the trade decree slammed on Europe.

Source: Nigerian Tribune June 14, 2022 03:04 UTC