Putin Says Oil Wars With Russia Will Make West Bleed -- RT
Opportunities for the West to hurt the Russian economy are limited, President Vladimir Putin said Thursday. Europe cannot stop buying Russian gas without inflicting pain on itself, and if the US tries to lower oil prices, the dollar will suffer.
If the West tries to damage Russia’s influence in the world energy market, efforts will likely backfire, the Russian President said during his twelfth annual televised question and answer session.
To really influence the world oil market a country would need to increase production and cut prices, which currently only Saudi Arabia could afford, Putin said.
The president added he didn’t expect Saudi Arabia, which has “very kind relations” with Russia, will choose to cut prices, that could also damage its own economy.
Read more ....
My Comment: I do not know if Putin is correct in this assessment (the West will not stand-up because of their dependence to Russian energy supplies) .... but I do know that he believes that it is true, and this is what is driving his foreign policy.
On a side note .... I like this RT article because it spells out how dependent Moscow is on the oil trade for it's finances. An Iranian style of embargo would be devastating to the Russian economy ... but I also suspect that Putin is right .... the West has no stomach to go through with such sanctions because of their dependency on Russian energy.
No comments:
Post a Comment