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  • The World Economy No Longer Needs Russia

    01/21/2023 7:09:47 AM PST · by canuck_conservative · 66 replies
    Foreign Policy.com ^ | January 19, 2023 | Jeffrey Sonnenfeld & Steven Tian
    In 2021, a whopping 83 percent of Russian gas was exported to Europe. Russia’s global exports of 7 million barrels of oil a day and 200 billion cubic meters (bcm) of piped gas a year accounted for about half of its federal revenue... Far from freezing to death, Europe quickly secured alternative gas supplies by pivoting to global liquefied natural gas (LNG) ... these alternative supplies have reduced Europe’s dependence on Russian gas to 9 percent of its total gas imports... Furthermore, Europe’s unseasonably warm winter means that not only have the worst-case scenarios been avoided, but Europe’s full storage...