, Columnist
Why Russia's Pipeline Power Is Overhyped
A $2.6 billion ruling in Stockholm against Gazprom shows its limits as a Kremlin tool.
At a loss.
Photographer: Mikhail Svetlov/Getty ImagesRussia and Ukraine may be practically at war with each other, but they are joined at the hip by Ukraine's gas transit system, business partners in one of the world's biggest energy export channels. On Wednesday, the company that owns the Ukrainian system, Naftogaz Ukrainy, won a $2.56 billion verdict that ends a four-year arbitration fight in Stockholm. The ruling, almost equal to the fine imposed last year by the European Commission on Google, shows that talk of Russia's ability to weaponize energy exports is far-fetched today.