Sanctioning ourselves, as China and India step up buying of cheap energy.
Russia has pocketed $24 billion from selling energy to China and India in just three months following its invasion of Ukraine, showing how higher global prices are limiting efforts by the US and Europe to punish President Vladimir Putin.
China spent $18.9 billion on Russian oil, gas and coal in the three months to the end of May, almost double the amount a year earlier, latest customs data show. Meanwhile, India shelled out $5.1 billion in the same period, more than five times the value of a year ago. That’s an extra $13 billion in revenue from both countries compared to the same months in 2021.
Meanwhile, in a show of North American solidarity, Canada decided helping out Germany for their gas / energy situation was more important than our sanctions.
The Nord Stream 1 pipeline supplies Germany with much of its Russian gas. Canada had blocked the delivery of a gas turbine used in the pipeline, which was being repaired by German manufacturer Siemens Energy at its plant in Montreal, because of its sanctions on the Russian energy sector. Moscow blamed this delay for its decision last month to cut the flow of gas through the pipeline by 60 per cent, sending gas prices soaring.
Germany has triggered the second stage of its emergency gas plan, including firing up old coal-fired power stations and asking households to limit consumption.
The recent surge in prices has forced utility Uniper, Germany’s largest buyer of Russian gas, to ask for a multibillion-euro bailout from Berlin that is likely to result in the government taking a stake in the company.
And of course they may not get the gas anyway…
FRENCH FINANCE MINISTER LE MAIRE SAYS SAYS A RUSSIAN GAS CUTOFF IS THE MOST LIKELY SCENARIO