Europe's politics.
Europe has undergone many mishaps in the recent past. Yet to recover from the consequences posed by the pandemic, Europe plunges into another phase of difficult times which is characterised by price hikes, low industrial production and what not. With the Russia-Ukraine war still at its full swing, it has unleashed many problems than expected having a wide range of implications nationally and internationally. The embargo against Russia by the EU, the UK and led by the US has proven to be a pit for the EU bloc itself.
Before Russia invaded Ukraine, Russia met 40% of the EU's Natural Gas needs with Nord Stream 1 pipeline, an underwater pipeline passing through the Baltic Sea to Germany, carrying 35% of the whole Natural Gas supply to EU states. During the crisis, a series of strategic moves took place including US sanctions on Russian banks and products, but it didn't include oil and gas, because if there would be sanctions on Russian oil and gas, it will be a stab in the back of the EU countries itself due to their dependency on the Russian energy resources.
But by 2023, Washington aims to sanction oil and gas products of Moscow as well which, at the current global scenario of energy shortages, seems impossible. The US is of the view that by sanctioning Russian oil and gas in future, it can hit their economy adversely because this Russian export makes a huge 40% of Russian export revenues. Moscow on the other hand is searching for new profitable importers of its oil and gas.
In reply to the Russian trade embargo by EU, Russia has already cut off its supplies to the EU countries from 40 to 9%, which unleashed a cycle of catastrophic events including price hikes and low industrial production. Russia has shifted its exports from the West to the subcontinent, mainly India, and is hopeful for a swift and successful change of venue for it exports from the West to its South. This is only a sub event of what has yet occurred post Russia-Ukraine war in Europe.
Pakistan is an import driven country. According to the Trade Development Authority of Pakistan, 56% of its oil and gas is imported from Saudi Arabia, while 34% from UAE and none from Russia. With this being stated, it seems that the Russia-Ukraine war would...
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