When Russia’s leaders stopped a lot of the nation’s fuel deliveries to the EU in 2022, they thought themselves good. Costs immediately shot up, enabling Russia to earn extra regardless of decrease export volumes. In the meantime, Europe, which purchased 40% of its fuel from Russia in 2021, braced itself for inflation and blackouts. But two years later, owing to delicate winters and massive imports of liquefied pure fuel (LNG) from America, Europe’s fuel tanks are fuller than ever. And Gazprom, Russia’s state-owned fuel big, is unable to make any earnings.
