, Columnist
Iron Curtain Comes Down on Energy
Countries already working toward an energy transition suddenly face rising costs — and a strengthened desire for energy independence.
Russia also exports nickel.
Photographer: Oleg Nikishin/Getty ImagesThis article is for subscribers only.
The lamps aren’t yet going out all over Europe.1But they are dimming in a real sense in Russia’s shadow. With the invasion of Ukraine, tight energy markets are now fracturing, raising the prospect of not just high prices but actual cutoffs.
In response to the invasion, the U.S., the European Union and other allies are waging a surprisingly cohesive and aggressive form of financial warfare. Russia’s access to capital along with numerous goods and services has been severely curtailed both by official sanctions and by foreign firms’ self-sanctioning.