The plethora of sanctions that were announced by Western powers after Russia invaded Ukraine and one notable absence: energy industry sanctions. The reason European powers are so reluctant to sanction Russia’s oil and gas industry is that they need Russia’s natural gas far more than Russia needs their money. Thanks in part to high energy prices, Russia now has $630 billion in foreign exchange reserves, a sum of money that means it could survive turning off the taps to Europe. After months of seemingly endless preparations, Biden’s and the West’s worst fears finally came true on Thursday after Russian forces launched their long-feared attack on Ukraine . Brushing off international condemnation and the first tranche of sanctions from the U.S. and its allies, Russian President Vladimir Putin declared the beginning of a ” special military operation ” aimed at the ” demilitarization ” of Ukraine. Russian forces have reportedly […]