CNN’s Fareed Zakaria: Biden admin is ‘making it tougher’ to spend money on pure fuel and oil, to Putin’s benefit
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CNN host Fareed Zakaria criticized the Biden administration and European nations Sunday for permitting themselves to change into depending on Russia for fuel and oil. His remarks got here throughout his opening monologue on his eponymous weekly present, Fareed Zakaria GPS.
“It’s now clear that the financial struggle towards Russia is just not working practically in addition to folks thought it will,” Zakaria stated.
“Vladimir Putin cares much less about what these sanctions do to the Russian folks than he does about what they do to the Russian state. Because of rising power costs, Bloomberg initiatives the Russian authorities will make significantly extra income from oil and fuel than it did earlier than the struggle, round 285 billion in 2022 in comparison with 236 billion in 2021,” he continued.
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Zakaria referred to as the West’s financial struggle towards Russian President Vladimir Putin “toothless” and stated the U.S. and Europe are over-reliant on Russia for power.
“The fundamental downside with the financial struggle towards Russia, as I’ve argued earlier than, is that it’s toothless as a result of it can not sanction all Russian power. The Russian economic system is basically an power economic system,” he stated.
“Revenues from oil and fuel alone make up nearly half the federal government’s funds. And sadly, the answer wouldn’t be for the West to cease shopping for Russian power altogether as a result of with much less provide on the world’s market, it will solely drive costs even larger,” Zakaria continued.
“Having developed a harmful dependence on Russian power over the past 20 years, Europe can not shortly change that with out plunging right into a deep and protracted recession,” he stated.
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Zakaria additionally expressed comparable issues concerning Germany’s Nord Stream 2 pipeline from Russia as President Donald Trump did throughout a 2018 NATO summit. In the course of the summit, Trump instructed NATO Secretary Basic Jens Stoltenberg that the pipeline makes Germany “completely managed” and “captive to Russia”.
“On July 11, the pipeline by which Germany will get most of its Russian fuel, is scheduled to shut for upkeep. It’s attainable that Putin will resolve to punish the West and Germany by not letting it reopen,” Zakaria stated concerning the identical pipeline. “If that’s the case, Germany, Laura Europe’s largest economic system will nearly definitely go right into a recession.”
“Putin’s technique seems to be impose prices on the West after which play for time assuming that cracks within the coalition towards him will develop as financial ache in these nations grows,” Zakaria stated.
“Western nations are nonetheless not treating this problem as a paramount precedence. The Netherlands has an enormous fuel discipline, however it’s really slowing down manufacturing. Germany nonetheless is not going to reverse its self-defeating phaseout of nuclear power, the Biden administration continues to be making it tougher to finance long-term investments in pure fuel and oil,” he continued, whereas criticizing the administration for not with the ability to restore the Iran nuclear deal, which he believes would “convey an unlimited inflow of latest oil provides onto the world market.”
“The precedence must be to defeat Vladimir Putin,” he concluded.
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Joe Biden has been criticized for his oil insurance policies, together with by United Refining Chairman and CEO John Catsimatidis who stated that there’s a “struggle by Washington on North American oil.”
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