From The Telegraph:
Vladimir Putin has sent an ominous message to his neighbours, as the global balance of power shifts.
In cutting natural gas supplies to Ukraine, the Russians have invoked commercial considerations to cover a nakedly political act. Differences between the two sides include the price for 2009, the transit fee, settling a debt, and the role of a Swiss-registered intermediary. Moscow proposes a rise from $179.5 to $250 per 1,000 cubic metres. Kiev is offering $201 and wants a more-than-twofold increase in the transit fee for gas destined for other parts of Europe. The debt is a $450 million fine demanded by Russia for late payment.
At a time when oil prices have plunged and those for gas are due to follow suit, it might be expected that Russia would avoid scaring European clients by again turning off the taps to Ukraine. When it did so three years ago, it cast into doubt its reliability as a supplier. That fear will be compounded by its latest coup de main, even though it has assured the likes of Germany and Italy that deliveries will not be affected.
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