Vladimir Putin is throwing everything he has got at ramping up Russia’s war machine. But it does not include one previously reliable source of cash.
in the face of Western sanctions. Rather than reflecting anything remotely like prosperity, the statistics show more weapons being produced for the meat grinder of eastern Ukraine.The resources funding this include oil revenues. Higher oil prices send more cash into the Kremlin’s coffers, thanks in large part to sales via Moscow’sBut Putin’s financial firepower does not include one previously reliable source of cash: natural gas.
Olaf Scholz, Chancellor of Germany, which built much of its industrial prowess on the back of cheap Russian energy, swore the country must “never again” become so beholden to hostile suppliers. Norway is now the EU’s biggest supplier of gas imports, raising its sales from 79.5 billion cubic metres to 87.8 billion.
Liquefied natural gas, imported on tankers, has grown in importance. The EU added capacity to import an extra 40 billion cubic metres of LNG last year, and plans to add capacity for another 30 billion this year. Qatar provided 15.5 billion cubic metres last year, almost matching British gas sales to the continent.
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