WASHINGTON: U.S. legislation renewing and tightening sanctions on Russia, stalled in the House of Representatives, was not passed before the U.S. and Russian presidents met at the G20 summit in Hamburg. The proposed bill had already received criticism not only from Russia but also from Germany and Austria about the impact sanctions may have on Europe’s gas supply.
Europe and the United States need not worry: Energy markets have undergone significant transformation in favor of importers, and Russia’s tough talk warning against sanctions is little more than posturing. Russia needs Europe as a market for its oil and gas. Continue reading