Russia's relationship with China 'uneasy' over Siberia claims
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The Russian President’s regime is to a very large degree funded and financed by the sale of carbon fuels. A staggering 43 percent of Russia’s budget comes from the oil and gas royalties. This gives Putin the financial means to fund his military campaigns and political agendas against the West, as well as to reward his cronies.
The war in Ukraine has seen oil prices rocket to over USD$100 a barrel, helping to further fill up the Kremlin’s coffers.
However, a leading investigative journalist has argued there is a simple way to break the back of both Putin’s war effort and his regime.
Greg Palast believes that the US and its allies must lift the “cruel, crazy, unjustified” embargo of Venezuela.
He wrote: “Venezuela is capable of pumping two million barrels of oil a day for export.
“If Biden announces an end to the embargo, the price of oil will nosedive in 20 minutes.
“However, the US and Europe have laid siege to Venezuela, stopping everything from food to supplies of parts to get its oil industry back up and running.”
The former BBC journalist added: “Stop choking Venezuela’s economy and starving the Venezuelan people, who are no enemies of America, who invaded no one, and the price of oil will collapse.”
Donald Trump first imposed sanctions against Venezuela’s petroleum industry back in 2017.
During the 2019 presidential crisis, the US targeted the Venezuelan state-owned oil and natural gas company PDVSA with further sanctions.
The move was seen as an attempt to pressure the incumbent President Nicolas Maduro to resign in favour of his challenger Juam Guaido.
Mr Palast accused the West of hypocrisy in regard to its current position towards Venezuela.
He said: “The excuse I hear from Republicans and Democrats alike is that Venezuela is not a democratic state.
“As opposed to Saudi Arabia, Kazakhstan, Qatar and Russia?
“It’s fascinating to me that European Union blockades oil from Venezuela but continues to take oil from Russia.”
He concluded: “End the strangulation of Venezuela and tankers full of LNG (Liquid Natural Gas) from the South American nation could cut Putin’s pipeline noose from around Europe’s neck.”
Currently, the EU spends as much as $1 billion a day to pay for coal, gas and oil imported from Russia.
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One of Russia’s biggest energy customers within Europe is Germany.
Berlin receives 55 percent of the its natural gas, 52 percent of its coal and 34 percent of its mineral oil from Russia.
On Monday, Germany’s energy minister warned Berlin would risk economic catastrophe if it introduced an immediate boycott of Russian energy supplies.
Robert Habeck told ARD: “If we flip a switch immediately, there will be supply shortages, even supply stops in Germany.”
He predicted “mass unemployment, poverty, people who can’t heat their homes, people who run out of petrol” if his country stopped using Russian oil and gas.
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