Today’s Financial Times features some great reporting and graphic displays of Europe’s dependence on Russian energy. Ed Crooks is not exactly rosy about the EU’s prospects for diversification: “Geography and economics dictate that the EU is dependent on Russia for gas, whether politicians like it or not.” 
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One Comment
Unless I’m very much mistaken, this chart shows not only European dependence on Russia, but Russian dependence on Europe. And given that of the two the European economy is by far the larger and more resilient, it seems Russia needs Europe far more than Europe needs Russia.The only question now is how soon Europe can rub Russia’s nose in that reality. The stock market is helping Russia see the light — down 6.5% today alone.