Europe Needs to Wean Itself From Russian Oil and Gas…and Fast

With tensions in Ukraine nearing a breaking point, the world is collectively looking to the Western powers for resolution. But, not surprisingly, the response so far has consisted of little more than a wag of the finger, with NATO and other world leaders unanimously condemning Russia’s military action in the Crimea.

While the reasons for this muted response are manifold, it’s difficult to ignore the leverage the Russians hold in this standoff. For starters, the U.S. and other Western powers have little to gain from bringing the Crimean conflict to a head; Russia, on the other hand, greatly benefits from controlling the region, with its strategic access to the Black Sea and concentration of Russian-speaking peoples. Continue reading