With friends like America, Europe does not need enemies.
US economic sanctions against Russia following their February 24 invasion of Ukraine have failed spectacularly. They have made no dent in Russia’s quest, albeit criminal war, from prosecuting its border security concerns with NATO, and protecting Russian leaning Donbas Ukrainians brutalized by the West leaning Ukraine government.
By cutting off purchase of Russian oil and natural gas, the US and the EU are cutting off their nose to spite their face. Europe’s industrial sector is natural gas driven. Europe is already experiencing calamitous shortages of energy to run their economy, drive their vehicles, eventually heat their homes. Benchmark gas has already surged 33%.
Russia, meanwhile, has replaced most lost energy sales to the US, Canada and Europe with sales from the rest of the world. Why? Outside of the aforementioned, most of the world’s 195 countries are boycotting the US boycott because they either support the Russian war or remain neutral. They are tired of US trying to control the world, including NATO expansion up to Russia’s borders.
Russian oil profits this year are up 27% to $20 billion monthly from $14.6 billion last year due to US caused surging gas prices. In response the US, Europe G7 is attempting to cap oil prices to lower Russian profits. In response, Russia cut off all natural gas flowing to Germany via the Nord Stream I pipeline. US efforts to cap Russian oil profits may end up, according to JP Morgan Chase analysts, goosing oil from the current $100 to over $300 a barrel.
Current US inflation pain from its utterly failed Russian sanctions are a pittance of that occurring in Europe, with much worse to come as winter approaches. But when Europe slides into full blown recession, it will begin cutting back on its $365 billion in annual US imports. Can you say "US recession brought to you be well meaning but self-destructive policies?"
This winter, Europeans will have a lot more to worry about than recession. Thanks to Uncle Sam, their biggest concern will simply to keep from freezing.
Walt Zlotow became involved in antiwar activities upon entering University of Chicago in 1963. He is current president of the West Suburban Peace Coalition based in the Chicago western suburbs. He blogs daily on antiwar and other issues at www.heartlandprogressive.blogspot.com.