The emerging world must set aside anti-Western sentiment to protect itself, and other nations, from the economic consequences of the Ukraine-Russia war
By restarting a deal to allow Ukrainian grain exports, Russia’s president has shown he’ll give way to pressure from key partners. It’s time to crank it up. Picture: BLOOMBERG
Cut off from the West, in need of friends and a home for its output, Russia has never been more dependent on these nations. And Putin knows it. Discussion Club It’s also, more prosaically, because the war hasn’t been all bad for many of these nations. They have bought cheap Russian hydrocarbons in significant volumes at a time when import costs are a headache, even if crude flows to China, India and Turkey have eased since June. Russia will have yet more barrels to place by the end of the year, after EU sanctions come into effect, so discounts may look better still for buyers, assuming ships can be found.
What brought him back was pressure. On the one hand, the risk of displeasing partners necessary for Russia’s global reputation, for economic loopholes, for its survival — not Kyiv’s guarantees. On the other, the realisation that Russia was powerless — absent military force — to stop the grain-laden ships that did leave.
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