President Vladimir Putin threatened the “extreme measure” on Thursday of cutting off Russian gas for Ukraine unless the country pays in advance for all its supplies.
In a stark letter to 18 world leaders, Mr Putin acknowledged that, in such a “critical situation”, gas deliveries to the European Union would also be jeopardised.
The EU buys a third of its gas from Russia, about half of which arrives through pipelines running across Ukraine. But Mr Putin accused the EU of causing the current crisis, leaving Russia with “no alternative” but to toughen its approach.
Actually, the best thing that anyone could do right now is to get as much oil and gas as we possibly can flowing into the international markets. The US should allow crude and LNG exports, the EU should be fracking all over the place, get Iran, Iraq and Saudi pumping at full capacity. There’s enough out there to potentially drop the oil price $30 or $0 a barrel.
And that would entirely screw the Russian economy. Hell, people want to play economic games then why the hell not?