Tough sanctions imposed on Russia by Europe and the United States will damage the ability of Russian banks and energy companies to raise capital and buy technology. But Russian oil and gas will still flow into Europe. That’s because Vladimir Putin has spent years turning the country into an energy powerhouse, what Sen. John McCain called, “a gas station masquerading a country.” Russia provides Europe with roughly one-third of its oil and about 30% of its natural gas through state-controlled energy companies, such as Gazprom and Rosneft. Oil is priced globally, but Russia commands high prices for its natural gas …read more
Source: Business Insider
