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Wednesday, December 24, 2014

Russia’s Natural Gas Sales Plummet: Is Russia Captive To European Buyers?

The received wisdom is that Europe cannot offend Russia because it depends so much on Russian natural gas. We have this backwards. It should be: Russia cannot offend Europe because it depends too much on sales of natural gas sales to Europe. Despite efforts to conceal the decline, Gazprom’s 3rd quarter sales to Europe declined 15 percent and fell to zero for Ukraine. Cash-strapped Russia can ill afford such losses.

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