There is an ironic twist in all this. Russia relies on the very natural resource to support its economy and war effort that is the same pollutant causing global warming, making Russia’s threat to turn Europe into an ice box this winter meaningless. Foreign Policy sums it up well, “Now, as we approach the one-year anniversary of Putin’s invasion, it is apparent that Russia has permanently forfeited its erstwhile economic might in the global marketplace. Thanks to an unseasonably warm winter in Europe, Putin’s moment of maximum leverage has passed uneventfully, and, as we correctly forecast last October, the biggest victim of Putin’s gas gambit was Russia itself. Putin’s natural gas leverage is now nonexistent, as the world—and, most importantly, Europe—no longer needs Russian gas. But what matters is that the end is in sight. Never again will Putin be in a position to cause such chaos and disturbance in the global economy, because he has permanently weakened Russia’s most powerful hand—its energy and commodities might—beyond repair. The war on the battlefield is still being fought, but on the economic front at least, victory is in sight.”
Indeed, this is an unforeseen reality that many may not have predicted: Russia’s threats of economic terrorism against the world have all come to naught! Imagine that! When the world needs something, it finds new markets that aren’t in Russia. Moreover, economies tend to become more efficient in the absence of a resource; without access to gas and oil, then more people and governments shift to renewables or simply use less. And converting to renewables sooner just means a quicker decline in the wealth of the “gas station” that is Russia. Also, with warmer winters, less demand for heating gas means diminished wealth for Russia. We’ll see how prescient the author of the article above is. Does this last? The West should be twisting the economic knife in the back of Russia. I was skeptical that sanctions were strong enough and extensive enough. Now, the West must make sure that they are even more so, given this new evidence. End Russia now! Slava Ukraini!