Europe’s vulnerability to loss of Russian energy supplies helps explain relative caution on sanctions
One of the ironies of the war in Ukraine is that the Kremlin’s finances benefit every time the crisis deepens. After Saudi Arabia, Russia is the second biggest exporter of crude oil, and it is out on its own as an exporter of natural gas.
Countries producing more oil and gas than they consume enjoy windfall gains when prices rise – and Russia falls into that category.
