Russia & Eurasia

Ukraine...has not found alternatives to Russian gas, and it will not be able to. They are too expensive. Gas is and will always be a Russian lever.

Putin has successfully spent years reducing Russia’s vulnerabilities to western pressure and leverage. At the same time, he has increased Russian leverage abroad, with investments in Europe and the U.S. And he has pretty much guaranteed we won’t introduce major sanctions because of the harm it will cause to all of our companies now doing business with Russia.