Tensions run high between Russia and Europe
Letter from Europe: Weaponised interdependence?
Mounting fear of an invasion of Ukraine has put Europe’s uneasy relationship with its biggest gas supplier back into the spotlight
Russian gas flows to Europe were unaffected by Moscow’s annexation of Crimea in 2014, partly because economic interdependence had evolved into a condition of mutually assured economic destruction. In 2013, gas accounted for about 14pc of Russia’s export revenues, or roughly $73bn. Russian gas accounted for nearly 30pc of EU supply, and more than a third of Germany’s. And so, when the US and EU formulated their response to the annexation, they were careful to avoid any measures that could disrupt the continued flow of gas from Russia to Europe. But now, Russia's swollen cash reserves may have convinced the Kremlin that it could withstand any retaliatory economic strike. Russia’s foreign reser
Also in this section
21 April 2026
After overcoming a COVID-induced demand collapse with several years of successful market management, geopolitical events have conspired to provide the pact’s biggest test to date
21 April 2026
The regime’s policy of using nuclear ambiguity as a deterrent may have failed but it has realised it has other cards to play, while its neighbours are reappraising their approach to security
21 April 2026
As the global energy system undergoes a fundamental realignment, Algihaz Holdings has established itself as a critical player bridging conventional energy markets and the next generation of renewable infrastructure.
21 April 2026
The 25th WPC Energy Congress is taking place from 11-15 October 2026 at the Riyadh Front Exhibition & Conference Center.
