Title: Ukraine crisis: What would a new Cold War mean for the economy? | The Independent | The Independent
Headings: Ukraine crisis: What would a new Cold War mean for the economy?
Ukraine crisis: What would a new Cold War mean for the economy?
Investors are rightly worried about the global impact of the Ukraine crisis
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Content: Gazprom, as well as sponsoring the Uefa Champions League football tournament, provides an estimated 30 per cent of the Continent’s natural gas; 40 per cent of Germany’s consumption; and 27 per cent of Italy’s. Europe also consumes a third of the 4.2 million barrels of crude oil pumped daily by Rosneft. A significant portion of those supplies arrive via pipelines that pass through the Ukraine. This dependency probably explains why there seems to be reticence among European politicians – who are meeting to determine the EU’s response – to discuss targeting Russian energy exports directly. To say Russia has Europe over a barrel would be an exaggeration. But it would be difficult for Europe to source new supplies in a hurry if deliveries from the East were disrupted. Energy is by no means the whole economic story. Since the collapse of the Soviet Union other Western firms have penetrated the markets of the former Communist territory.