The European economy and Vladimir Putin’s oil

Two weeks after Russia's invasion of Ukraine, the objectives of this war have not been achieved. Russia has not succeeded in toppling the government in Kiev and Western sanctions have failed to make Moscow cede. The military de-escalation has not yet begun, but the escalation in prices is accelerating, destabilising the markets for oil, gas, wheat and certain metals. In the past, grain and energy crises have wreaked social and economic devastation. In the current state of the oil...