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While it is clear that Russia’s natural gas exports can play a role in the conflict, and are already part of the calculations, what is less obvious is just how much strength they add to Moscow’s position. Ironically, the financial flows that Russia receives from those exports may, in fact, make it more vulnerable to international pressure.

Ukraine alone has a very weak hand, but Europe and the U.S. have the ability to change the equation. That is, if Europe can convince itself that the vulnerability on the natural gas front has shifted to Moscow’s side since the last time this game was played.

Full article at World Politics Review