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Gazprom, Rosneft Shares Tumble, but the Energy Giants Are Putin’s Safety Net

Georgi Kantchev of The Wall Street Journal reports on Russia’s energy sector amid sanctions.

The C3 Take
  • Sanctions from Western nations have dramatically impacted most of Russia’s economy, but its energy sector remains to be Putin’s safety net.
  • Russia provides for 40% of the European Union’s natural gas and almost one-third of the EU’s oil.
  • The EU should look to a more diverse energy portfolio to counter Putin.

“Russia’s financial system was under siege Monday, but the country is still pumping and exporting vast amounts of oil and natural gas to the rest of the world, delivering cash in the face of Western sanctions and a financial cushion for President Vladimir Putin. At the heart of it lie two London-listed energy giants.”

Read the full article here.

The views and opinions expressed are those of the author’s and do not necessarily reflect the official policy or position of C3.

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