Anybody want to buy some gas?
Russia is far and away the largest, geographically speaking, country on the globe. It’s the 9th most populous with a citizenry of 140 million and change. Italy is much smaller geographically and in terms of population at approximately 60 million. These two very different nations have something in common, their economies are about the same size. Actually, Italy’s is about $400 million larger, give or take.
Russia has exactly three profitable exports: Oil, wheat and ransomware attacks. After Biden and the European Union banned Russian oil imports, or pledged to phase them out, they’re down to two. One would think that if your economy was almost entirely dependent on one industry, it would be a bad idea to piss off the people who buy the product. But apparently, Putin never in his wildest dreams thought Europe would stop buying his oil and gas. In the U.S.
The swearing off of Russian oil will only further isolate a very lonely Putin. He expected this thing to be over in days like Crimea and it just didn’t happen. The Ukrainian opposition has been fierce and the Russian ground assault remains bogged down outside Ukraine’s population centers. The longer this goes the more isolated Putin becomes and the fewer easy ways out he has.
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