Does Russia Have Germany Over A Barrel?

*In the build up to this week’s Russian assault on Ukraine several western powers, including the US, were at times frustrated by Germany’s seeming unwillingness to take a firm stance against President Putin’s aggression.

*Look at the country’s energy import stats and it’s easier to understand Germany’s equivocation. Russia remained by far the key supplier of crude to Germany for 2021 with 557,000 b/d, some 34% of total imports. Add in Kazakhstan volumes, which transit Russia, and the share – which has remained more or less static over the past decade – rises to 44% (see chart). (CONTINUED - 309 WORDS)