Russia is about to play its most dangerous cards

Fear in the West of dangerous measures on gas and oil, Putin will throw it all away

Ivan Rodriguez Gelfenstein

A few weeks ago, U.S. bank JP Morgan issued an apocalyptic warning, saying that if Russia were to completely halt its oil exports, the impact on the global economy could be so great that it would instantly quadruple the price of oil to nearly $400 a barrel. Currently around 100 dollars a barrel.

Russia has also cut off most of its natural gas supplies to Europe via the Nordstream 1 pipeline as part of routine scheduled maintenance. It should be for a short time, but the German government fears that Russia will completely cut off the flow.

Putin has already begun to reduce gas shipments to Europe in recent months, continually raising prices. It's not hard to see how this could happen and why the impact would be catastrophic.

Oil and gas prices are set internationally and Russia is a dominant player in this market. With global supply already on the brink, a Russian ban would instantly push prices to what JP Morgan called "stratospheric" levels.

By cutting off supplies, Putin would deal a colossal blow to our oil- and gas-dependent economies. Stock markets will collapse and thousands of companies will go bankrupt because they can't afford their energy supplies. Millions of people would lose their jobs and the West would immediately lose the political will to send money to Ukraine. Putin would win.

We spent months focusing more on securing new oil and gas supplies. Any new investment in new oil or gas fields, which we don't control, wouldn't be online fast enough. The development of a new oil or gas field can take up to a decade.

Time is running out; not only for Putin, but also for Europe. We must recognize and prepare not only for Putin's danger, but also for his most powerful weapons: his oil and gas supplies. We must declare a state of emergency and end this addiction, otherwise millions of people will pay the price with their livelihoods.

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