The great oil shocks of the 1970s taught Western politicians a sobering lesson about the might of the world’s energy superpowers. Fifty years later, that lesson is being learnt all over again.
Russia is fighting back against Western sanctions by restricting the supply of gas to Europe. The prospect of a total cut-off of Russian gas is causing near panic in Europe as Germany and other major economies contemplate energy rationing this winter.
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Financial Times
Gideon Rachman is chief foreign affairs columnist for the Financial Times. His particular interests include American foreign policy, the European Union and globalisation.
