Russia must sell off its oil

Oil tanker off the coast of Russia

In the background are the oil storage facilities of the Russian port of Kozmino, which serves the Asian market. There, too, the prices are slowly aligning with the European price cap.

(Photo: Reuters)

Zurich, Brussels Europe is freezing, impoverished and starving – at least in the parallel world of Russian propaganda. An internet film by the state broadcaster RT shows a family in winter gear sitting in a dark apartment and having to eat their daughter’s hamster for Christmas. It’s your own fault, is the message to the Europeans, whoever sanctions their most important energy suppliers plunges themselves into misery.

The problem for the Russians, however, is that reality can hardly be reconciled with their wishful thinking. Economists are expecting at most a mild downturn in the EU, and the investment bank Goldman Sachs is now even anticipating that there will be no recession at all. And in Germany, the Federal Network Agency recently gave the all-clear: the supply is practically secured for this winter.

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