The price of oil has fallen below $50 for the first time since May 2005. Does this herald a complete economic collapse for Russia? In what sounds like old news, Dmitry Medvedev is demanding that Ukraine pay a $2.4 billion natural gas debt, and Gazprom intends to double the cost of natural gas to Ukraine next year. Naftogaz Ukrainy says its debt stands at half of what Medvedev alleges. Gazprom has cut its production forecast for the year by 14%. With the winter fast approaching, Russia’s energy sector is ‘living on borrowed time‘. The EU is taking its first steps towards ‘an EU Arctic policy‘ in a new paper.