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An all-out energy war between Russia and the West threatens to deepen Europe's energy crisis, putting pressure on governments to make interventions in the energy market to rein in soaring prices.
But it also puts the Kremlin's revenues at risk and is meant to stem the flow of funds into its war coffers.
Moscow's earnings from energy exports are expected to rise by 38 percent this year. Western capitals say they want to cut off that financial lifeline. The G7 have agreed to cap the price of Russian oil, and the European Union plans a cap on Russian gas prices, too.
In response, the Russian president said he will "freeze" European countries if the price caps are imposed.
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But it also puts the Kremlin's revenues at risk and is meant to stem the flow of funds into its war coffers.
Moscow's earnings from energy exports are expected to rise by 38 percent this year. Western capitals say they want to cut off that financial lifeline. The G7 have agreed to cap the price of Russian oil, and the European Union plans a cap on Russian gas prices, too.
In response, the Russian president said he will "freeze" European countries if the price caps are imposed.
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Follow us on Twitter https://twitter.com/AJEnglish
Find us on Facebook https://www.facebook.com/aljazeera
Check our website: http://www.aljazeera.com/
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@AljazeeraEnglish
#Aljazeeraenglish
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Francisco Gimeno - BC Analyst Russia has weaponised energy as a tool to pressure Europe to lift sanctions. Not the first country to do this. Historically energy has been one of the keys of power and to get the control of society. Doing this in an international horizon is complicated. in this case Europe has been late to react although some countries are already saying they will cope with the energy crisis for winter, while others are really worried about their economies and the lives of their citizens. Russia is losing the gas which has to burn and not monetise, and can't hold this for a long time, as economically can compound the consequences of the sanctions. Let's remember sanctions need time to be seen as effective. Nobody is going to win this every war. Everybody, as in any physical war, will suffer in a way or another, with economic and social consequences. Complicated.