{{ subpage.title }}

The stovetop.

Reuters

The tentacles of a global energy crisis

The global energy market has been volatile for months, but things got particularly dicey this week after Russia slashed natural gas supplies to Europe via the undersea Nord Stream pipeline. Moscow cut gas supplies to Germany by a whopping 60%, to Slovakia by 30%, and to Italy by 15%.

Read Now Show less
Paige Fusco

The Graphic Truth: Thirsty for Russian energy

Much of the world has long relied on Russian energy to power their economies. That makes it very hard for them to punish the Kremlin for invading Ukraine by ditching Russia's plentiful oil, natural gas, and coal in the near term. So, who's most dependent on Russian fossil fuels? We look at a select group of OECD economies.

Models of oil barrels seen in front of a "stop" sign and the EU and Russia flag colors.

REUTERS/Dado Ruvic

Will the EU oil ban hurt Russia?

In what would be Europe’s boldest move yet to punish Russia for invading Ukraine, the European Commission on Wednesday unveiled a plan to ditch all oil imports from Russia in the coming months.

The proposal is part of a broader set of sanctions that would also cut SWIFT access for Sberbank, Russia’s largest bank, and ban Russian state broadcasters from operating in the EU.

Read Now Show less
Unpacking Lithuania's Energy Independence Strategy | Gintarė Skaistė | Global Stage | GZERO Media

Unpacking Lithuania's energy independence strategy

Over the past two years, Lithuania's economy was hit hard first by COVID, then by the Belarusian migrant crisis, and finally high energy prices late last year.

But now it's proving more resilient than others to the effects of the Russian invasion of Ukraine. Why? Mostly because they prepared for it, Lithuania's Finance Minister Gintarė Skaistė tells Eurasia Group's Shari Friedman in a GlobalStage conversation.

Indeed, the Baltic nation recently grabbed headlines when it became the first EU member state to stop buying Russian oil and natural gas.

Read Now Show less

Climate activists march from the White House to the US Capitol.

Bryan Olin Dozier via Reuters Connect

(Un)happy Earth Day?

Usually, the run-up to Earth Day features a steady drumbeat of governments pledging more climate action, the UN telling us it’s (almost) too late to save the planet, and developing countries bickering with wealthy ones over who's most responsible for cutting emissions. On April 23, everyone moves on, and the momentum dies until it picks up again weeks before the annual COP summit in the fall.

Not this year.

Read Now Show less
Rising Energy Prices Will Test American Patience for Ukraine War | US Politics In :60 | GZERO Media

Rising gas prices will test US resolve on Russian sanctions

Jon Lieber, head of Eurasia Group's coverage of political and policy developments in Washington, shares his perspective on the US ban on Russian oil imports.

Today, Biden announced a ban on Russian oil imports. What will this mean for Americans in the near-term?

Well, prices have already rocketed at the pump in result of the Russian invasion in Ukraine and the incredible sanctions that the US and the EU have put on Russia as a result. The average price for a retail gallon of gas has gone up 55 cents just in the last week, and it's likely to escalate even further with today's announcements, potentially reaching $5 or even $6 a gallon. This is unprecedented in the US and hearkens back to the energy price shocks of the 1970s that led to an inflationary price spiral that took years for the US economy to unwind. The Biden administration's signaling this is not the end of their escalation against Russia and is preparing the American people to bear some of the costs of these incredible actions.

Read Now Show less
US Ban on Russian Oil Imports Could Make NATO Alliance Look Weaker | World In :60 | GZERO Media

US ban on Russian oil imports not coordinated with NATO allies

What are the ramifications of the US ban on Russian oil imports? Are there any surprises on Russia's released list of unfriendly countries? Also, is President Xi facing a hard wartime choice for China? Ian Bremmer shares his insights on global politics this week on World In :60.

First of all, what are the ramifications of the US ban on Russian oil imports?

A couple of things. First of all, the United States doesn't really get much oil at all from Russia. Oil product is a different story. Interesting to see where exactly that lands but it's definitely a significant message from the United States. Last week, the Americans weren't planning on that but given a lot of domestic pressure, including from Congress, the Biden administration decided to move on it. One problem I see is that this was not well coordinated with the Europeans, almost every other message so far in response to the Russian invasion of Ukraine has been incredibly strong coordination between the Americans and the NATO allies. That is not the case here. And I think that is a challenge. The Europeans are not going to be willing or able to go nearly as far as the Americans because they have a hell of a lot more to lose and that potentially makes the NATO alliance look a little bit weaker on this issue. They're going to need to communicate well on it.

Read Now Show less

Models of oil barrels and a pump jack are displayed in front of a rising stock graph

REUTERS/Dado Ruvic

What We're Watching: Soaring oil prices, inching towards an Iran nuclear deal

Rising energy crisis? Barely a week after Russia’s invasion of Ukraine, energy prices are going up faster than most experts predicted. Brent oil rose above $119 a barrel on Thursday, while Dutch natural gas futures — the benchmark for Europe — were trading at the equivalent of $360 per crude barrel. What’s more, prices are already soaring before Western sanctions have targeted Russian oil and gas, which could provoke Moscow into cutting off supplies to Europe. Why is this happening? Demand for Russian commodities has plummeted over fears that the next wave of sanctions will include energy. This week, the US and 30 other countries announced the release of 60 million barrels of oil from their strategic reserves to stop the bleeding, but that won’t be enough if the Russians turn off the tap. Will the Europeans continue supporting tough sanctions when their citizens start complaining about the cost of electricity bills and gas at the pump?

Read Now Show less

Subscribe to GZERO Media's newsletter, Signal

Latest