As Russia’s war on Ukraine nears the three-month mark, the repercussions for governments are snowballing worldwide.
The most immediate fallout is in the energy sphere, with Europe inexorably reducing its dependence on Russian fossil fuels and scouring the globe for replacements.
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That’s helped send energy prices soaring, adding to a cost-of-living crisis engulfing the world. Just look at the UK, where a report today showed inflation hitting 9%, the fastest rate in 40 years.
In the US, President Joe Biden’s administration is planning to ease sanctions on Venezuelan oil in an effort to allow more crude to be shipped to Europe. That’s politically contentious, with some in Washington arguing the move will only bolster President Nicolas Maduro.
European governments face some uncomfortable decisions of their own as they seek to replace Russian gas. Egypt, with two terminals able to export the fuel in liquid forrm, is emerging as one potential option. That’s a boon to its strongman president, Abdel-Fattah El-Sisi, at a time when his country is suffering curtailed grain imports from Ukraine.
Faced with Russia’s aggression, Sweden and Finland formally lodged their applications to join NATO today, overturning decades of neutrality and reshaping European defense.
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