- Russia's war against Ukraine includes an energy conflict.
- European hopes of a swift victory were dashed by grinding and attritional trench warfare.
- A mild winter and suppressed Chinese demand restored the balance on the global gas market.
- Russia is still dependent on western technologies, markets, and financial systems for its energy exports.
- Both sides have exhausted their offensive capacity and switched to a war of attrition.
Russia’s energy conflict with Europe is turning attritional
Both sides have had to abandon hopes of a swift victory
Sergey Vakulenko
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