Gazprom (Russia's mega energy corporation) workers attend to work at the construction site of the South
Stream, a proposed gas pipeline to transport Russian natural gas through
the Black Sea to Bulgaria, Greece, Italy and Austria (December 7,
2012 in Anapa, Russia).
By
Vladimir Putin’s control over $160 billion in oil and natural gas exports may be his most potent weapon in Russia’s face-off with Europe and the U.S. over Ukraine.
As Crimea prepares to vote Sunday on whether to return to Russian control, the U.S. and its European allies have few levers to deter Putin’s Ukrainian venture. Threats of visa bans and asset freezes haven’t rattled the Kremlin thus far -- six hours of face-to-face talks between the top U.S. and Russian diplomats ended yesterday without a deal.
RELATED STORY: Russian Gas Corp Threatens To Cut Off Gas If Ukraine Doesn't Pay Bill Immediately —
EU Gears Up To Send Ukraine Gas
EU Gears Up To Send Ukraine Gas
Russia, the world’s largest oil producer, exported $160 billion worth of crude, fuels and gas-based industrial feedstocks to Europe and the U.S. in 2012. While shutting the spigot on Russian energy exports would starve the Moscow government of essential flows of foreign cash, the price may be too high for European consumers and it may not alter Putin’s plans, said Jeff Sahadeo, director of Carleton University’s Institute of European, Russian and Eurasian Studies.
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