FT News Briefing Putin’s economic war on Europe
Apr 28, 2022
Tensions skyrocket as EU leaders accuse Russia of blackmail after gas supply cut-offs to Poland and Bulgaria drive prices up. Poland's determination to reduce Russian energy dependence highlights the need for EU unity. Meanwhile, the conflict in Ukraine lends urgency to Western support amidst Putin's aggressive strategy. In the streaming world, Spotify navigates its financial landscape, distancing itself from Netflix amid subscriber shifts and industry challenges. Additionally, a major management overhaul at a Swiss bank signals a fresh start after significant scandals.
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Russia's Economic Weapon
- Russia halted gas supplies to Poland and Bulgaria, escalating economic tensions.
- This was likely due to these nations' strong criticism of Russia and support for Ukraine.
Targeting Weak Spots
- Poland and Bulgaria are seen as vulnerable due to their geographical location and reliance on Russian gas.
- Russia may be aiming to divide the EU by targeting specific members.
Putin's Escalation
- Putin's aggressive rhetoric and actions suggest a longer-than-anticipated war.
- Cutting off gas supplies represents a significant escalation and a show of desperation.