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Putin’s asset is Europe’s liability
Russia supplies around 40% of Europe’s gas and a third of its oil. Nobody knows whether these will be disrupted by the Ukraine conflict, but the direction of travel is clear: Europe, including the UK, will substantially reduce its reliance on Russian fossil fuels. The invasion of Ukraine was not caused by fossil fuels. But Vladimir Putin’s Russia is a petro-state: fossil fuels provide 60% of Russian exports and 40% of Russia’s federal budget revenue. It is principally fossil fuels that have enabled Putin to build up $470bn in foreign reserves, designed to insulate Russia from the economic sanctions put in place ... (full story)
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- Muhammedfx
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- fontu
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Not understand?better not follow my analyses!doubt clearer first, risks ++
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