Surya Jayanti wrote in an article for “Time” magazine, published yesterday, Sunday, that “two and a half years of the Russian war on Ukraine, and the West’s efforts aimed at getting Europe rid of Russian oil and gas, and imposing isolation on the Kremlin, have faltered.”
She continued, “Europe’s energy transformation, which they praise so much, continues apace, but it has also provided cover to continue and sometimes increase Putin says that more than 60% of Russia's energy exports correspond to the Asia-Pacific”>Russian energy purchases, which finances Russia’s ongoing attack on Ukraine.”
She added, “The result of this is the steadfastness of President Putin, a miserable failure of President Biden’s policies, a change in the geopolitical balance of power in favor of the United States’ opponents, and bleak prospects for Ukraine.”
The researcher recalled that the US and European sanctions against the Russian energy sector led to “a decline in fossil fuel supplies from Russia to Europe from 16 billion euros to 1 billion per month and a decrease in Russian oil and gas revenues by about a quarter in 2022-2023.”
She added: “At this point, Western sanctions stopped working.” In 2024 Russia has a year of growth. Its gross domestic product continues to rise by more than 4%, unemployment is at its lowest levels, and military contracts and soldiers’ salaries have caused a record rise in salaries.
She pointed out that “the Kremlin’s investment in the military sector is only half the story,” adding that “the second half is that the world has abandoned the idea of dispensing with Russian energy.” “The ban imposed on Russian energy products is nothing but the play of sanctions,” as Russia is considered the second largest supplier of liquefied natural gas to Europe.
It stated that “in total, the European Union has paid Russia more than 196 billion euros for oil, gas and coal since February 2022.”
She pointed out that “this failure of sanctions also led to a decline in the influence of the United States in the world.”
Source: “Time”
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