The Russian defense ministry on Thursday morning announced that it had taken on Ukraine’s air defense and its Air Force with a series of precision attacks, after airports and runways across the country were rocked by explosions.
The Russia armed forces launched the much media-speculated offensive against Ukraine on Thursday morning on the orders of President Vladimir Putin, who said the goal of the operation was to demilitarize and “denazify” Ukraine.
The Russian leader claimed that military action was necessary to stop Ukrainian attacks on the two breakaway regions of Donetsk and Luhansk, which Moscow recognized as sovereign states. On last Monday, President Vladimir Putin had claimed that Russia could come under attack by Ukrainian far right government, unless their influence in the country is diminished. He accused Western Nations of arming Kyiv against Russia.
The developments of Thursday morning however grim and disturbing it may sound or look, it is very important that we turn the clock back to understand the Big Game behind this new conflict Eastern Europe finds itself embroiled in
Russia – an Emerging Energy Giant
Post collapse of Union of Soviet Socialist Republics (USSR) in the early 1990s and thereafter, many years of economic struggle and internal strife, the leadership of President Vladimir Putin finally ensured that Russia is now seen as an energy giant becoming the world’s third-largest producer of oil and second-largest producer of natural gas. Russia is learned to have used energy revenue to accumulate some $630 billion in foreign exchange reserves. For example, in the year 2021, Russia balanced its budget with a relatively low oil price at $45 per barrel against an average of nearly $70 a barrel
Since last few months, both print and the electronic media all over the world had started to speculate about every likelihood of a Russian aggression taking place in Ukraine. The United States (US) also started to convey that the invasion of Ukraine by Russia was imminent Thus, the administration of US President Joe Biden began insisting Thus, the administration of US President Joe Biden began insisting that its threat of “severe economic consequences” would deter Russia from invading Ukraine
During President Biden’s meeting with the German Chancellor on February 07, 2022, the US and its allies were seen stressing that they were united on the consequences should Russia actually invades Ukraine
However, there was also a feeling prevailing that anti-US/UK internal politics of the European Union (EU) as well as its symbiotic relationship with Russia may undercut this proclaimed solidarity. A number of Central European countries and Germany in particular who are largely dependent on Russia for its cheap energy needs and in turn competitive manufacturing exports could though silently be reluctant to side with the US sanctions on Russia
Europe’s Over Reliance on Russia’s Energy Exports
While Russia depends on revenue from Europe, the latter depends on supply of energy from Russia. Overall, Russia was supplying about one-third of European natural gas consumption, used for heating in the winter as well as electricity generation and industrial production. The EU also depends on Russia for more than one-quarter of its crude oil imports. Russia had, thus, turned out as the largest single energy source for this block of Nations
Due to this inter-dependence, imposing tougher sanctions on Russia is going to make a serious dent in its energy supplies and thus eventually the dependent European countries will be the sufferers. In fact, few EU States are far more dependent than others. While Portugal and Spain use little Russian energy, Germany, the largest European economy, was getting more than half of its natural gas and over 30 percent of its crude oil supplies from Russia. France gets most of its electricity from nuclear power; but relied on imports from Russia to meet its fossil fuel needs. Further, plans of Germany and other countries to phase out nuclear and coal power in times ahead, would have only further increased this dependence on Russia for energy supply.
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