Russia May Never Recover Its Status as an Energy Giant

A gas station shows record fuel prices in Gelsenkirchen, Germany, March 7, 2022 (AP photo by Martin Meissner).
A gas station shows record fuel prices in Gelsenkirchen, Germany, March 7, 2022 (AP photo by Martin Meissner).

In the aftermath of U.S. President Joe Biden’s announcement last week that he was banning Russian oil imports in the U.S., global markets delivered a stark message to Russia’s leading energy giants: No one wants to buy what they’re selling. No one, that is, other than India, which is the only country that has so far offered to buy Russian crude despite the new round of U.S. sanctions and the European Union’s commitment to decrease its reliance on Russian energy imports. India’s move to buy a one-off shipment of 15 million barrels of oil from Russia is sure to rankle some in Washington, but before the […]

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