Get $150+ in coupons in every Sunday N&O. Click here for convenient home delivery.
Russia supplies the EU with a third of its oil and 40 percent of its natural gas -- a dependence the European Commission says will rise significantly in the future.
The European Commission has argued that while the EU needs Russia for oil and gas, Moscow also needs EU capital and expertise to develop new energy fields. Russia has vast gas and oil deposits, but output is not growing much because of aging pipelines and monopolistic policies.
Russia's economy has already been affected. After the war, investors began leaving Russia, and stock markets plunged. Russian Finance Minister Alexei Kudrin said last week that more than $7 billion was pulled out of the country in just two days, exposing the fragility of Russia's nine-year economic boom.
Get $150+ in coupons in every Sunday N&O. Click here for convenient home delivery.
The News & Observer is pleased to be able to offer its users the opportunity to make comments and hold conversations online. However, the interactive nature of the internet makes it impracticable for our staff to monitor each and every posting.
Since The News & Observer does not control user submitted statements, we cannot promise that readers will not occasionally find offensive or inaccurate comments posted on our website. In addition, we remind anyone interested in making an online comment that responsibility for statements posted lies with the person submitting the comment, not The News and Observer.
If you find a comment offensive, clicking on the exclamation icon will flag the comment for review by the administrators, we are counting on the good judgment of all our readers to help us.
© Copyright 2008, The News & Observer Publishing Company
A subsidiary of The McClatchy Company