It is not the pounding of heavy artillery, the atrocities and brute force that will win the Ukraine war for Vladimir Putin but rather the turning off of Europe’s gas. That moment of truth may fast be approaching: this week it will become clear whether Russia’s closure of the Nord Stream 1 gas pipeline, supposedly for routine maintenance, will continue indefinitely.
If the taps are indeed turned off, the sizzling and swooning associated with the current heatwave in Europe will fast give way to fears of a freezing winter, fierce gas price rises, the gumming up of industry and the galloping certainty of a deep recession.
We have known for decades that Putin was weaponising Gazprom but did not quite grasp that the weapon was
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2022-07-19 20:00:00Z
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