Other countries seem to be taking a lot of Russia's oil and gas instead of the West.
Will it ever return to the West?
I suspect that a chunk of it will be permanently reallocated, so we will have shortfalls and high prices for many years.
In several years time, I hope that all you blue & yellow flag wavers and purchasers of 50 calibre bullets for Ukraine will consider your actions as having been useful and effective.
Our politicans will or course be insulated from any mayhem they have created with their Churchillian moves.
Will Europe ever get Russian oil & gas back?
Moderator: Peak Moderation
Re: Will Europe ever get Russian oil & gas back?
Oil is a globally traded commodity. In the long run high oil prices will be the result of peak oil, not lack of Russian exports to the west.
Natural gas is another matter, long distance pipelines and LNG terminals are long term investments, Europe has few alternative sellers and Russia few alternative buyers, so Russia benefits from being able to squeeze supply and forcing prices through the roof, getting more dollars for less drain on reserves. The wider Russian economy is slowly being squeezed by sanctions, but Putin is getting richer by the day.
Putin has successfully triggered a new cold war. The sentiment in all corridors of power has irreversibly changed, and the concensus is now that the West was stupid to get itself in this bind in the first place
Natural gas is another matter, long distance pipelines and LNG terminals are long term investments, Europe has few alternative sellers and Russia few alternative buyers, so Russia benefits from being able to squeeze supply and forcing prices through the roof, getting more dollars for less drain on reserves. The wider Russian economy is slowly being squeezed by sanctions, but Putin is getting richer by the day.
Putin has successfully triggered a new cold war. The sentiment in all corridors of power has irreversibly changed, and the concensus is now that the West was stupid to get itself in this bind in the first place