JRL NEWSWATCH: “U.S., Europe Dig In for Long Economic Standoff With Russia” – WSJ
“After Moscow cuts gas flows again on Nord Stream, Washington and Brussels bet on longer-term effects of sanctions.”
“Western governments are bracing for a protracted economic confrontation with Russia over … Ukraine, as Moscow fights back against … sanctions by disrupting energy and food supplies. On Wednesday, Russia cut natural gas … on the crucial Nord Stream pipeline to Germany to 20% of capacity, down from 40%, stoking fears that Western Europe might not be able to stockpile the gas … need[ed] to get through … winter. Natural-gas prices in Europe in early trading rose more than 8% … in response …. Over the weekend, Russian missiles hit port facilities in Odessa, a day after Moscow agreed to allow safe passage of grain from the Ukrainian port. … rais[ing] fresh doubts that the deal would help get Ukraine’s prodigious harvest to the world and … ease surging food prices. The twin moves demonstrated Moscow’s willingness to choke [essential] supplies… to hit back at the West as [the West] tries to punish … Putin for a war that has killed thousands … and displaced millions. Western officials, however, argue that time is on their side. …”