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Page added on July 23, 2014
EU Says Could Halt Technology for Russia to Develop Arctic Oil, Gas
The European Union should not give Russia technical help to develop Arctic oil and gas fields if Moscow does not help to defuse the Ukraine crisis, EU Energy Commissioner Guenther Oettinger said on Wednesday.
“If they don’t try for peace in the east of Ukraine … If they don’t decisively try to do something to prevent escalation, then there is no reason for us to help promote the growth of their industry and develop new resources for gas and oil and therefore to put this equipment on the list of sanctions,” Oettinger told a news conference.
“The Russians see offshore oil and gas in the Arctic, for example, as a good potential for the future. But this can only be developed by hardware and software from the West, by drills and … equipment that their industry cannot supply.”
14 Comments on "EU Says Could Halt Technology for Russia to Develop Arctic Oil, Gas"
Nony on Wed, 23rd Jul 2014 9:59 am
Why do we always cut our noses off like this with these sanctions? We want MORE oil from Russia and Iran. More oil means less price. Means less drain on us, better economy, better life.
turningpoint on Wed, 23rd Jul 2014 10:12 am
Because we are short-sighted and don’t think logically.
rockman on Wed, 23rd Jul 2014 10:44 am
And then there’s the simple fact that the “EU” doesn’t provide any technical support to Russia or anyone else. The oil patch service companies do. And most are international companies with just some headquartered in the EU. I suppose the EU commission could try to ban those companies from trading with Russia but I suspect that would break free market trading laws. But if it were somehow done the Russians could always lean on the Chinese for help. I’m sure they would be more than glad to take their rubles. Of course, from what I know of Chinese drilling ops this would probably be very bad for the Arctic environment.
Plantagenet on Wed, 23rd Jul 2014 10:50 am
We are cutting off our nose with sanctions because that is the policy advocated by President Obama. If we had smarter leadership then we would be pursuing more intelligent ways of dealing with these crises. In fact, if we had smarter leadership we might avoid these kinds of crises altogether.
Nony on Wed, 23rd Jul 2014 11:19 am
The Repukes aren’t perfect either. And it’s the kind of situation that would be hard for the US to deal with, no matter who was the leader. I think instead of making a political thing out of it (which is just internal focused) that we should think about how to play a little smarter.
Start by expanding NA oil production (approve KEystone, open ANWAR/Atlantic). Even before the oil starts to flow, the promise of it could have an impact on markets (lower price). This hits Putin in the pocketbook and helps the US economy. Sorry Rock, Houston, and Harold Hamm. The only thing I want out of you is production and dog eat dog competition. If you get squeezed out (like Rock’s GOM gas getting it’s ass kicked by the Marcellus), that’s fine by me.
MSN Fanboy on Wed, 23rd Jul 2014 12:18 pm
They already have the tech, just not the price…. so, point of this article?
peakyeast on Wed, 23rd Jul 2014 3:08 pm
The EU president sends a worried letter to Putin asking him to make sure Russia keeps its contracts about delivery of natural gas to the EU…
At the same time we threaten them upon their future production capacity of oil and natural gas…
penury on Wed, 23rd Jul 2014 4:37 pm
The schoolyard antics of the EU and the rest of the west would be funny if they were not placing the lives and livlihood of millions in peril. Yes, Russia currently depends upon the EU for income but they also provide the necessities of life to the EU. In a co-dependency it is not wise to alienate your partner(s). This game could end badly if Russia were to cancel all trade with the EU and raise funds by selling a couple of trillion dollars worth of t-bills to tide them over until the people of the EU realized that they are mutually dependent.
Laci on Wed, 23rd Jul 2014 5:00 pm
actually penury, the EU also depends on Russia for income. It exports about $150 billion worth of manufactured goods and services to Russia each year. Most of these goods and services are easily replaceable in a world which currently has plenty of excess manufacturing capacity.
http://seekingalpha.com/article/2324145-crisis-in-ukraine-path-to-peace-or-disastrous-economic-confrontation
Davy on Wed, 23rd Jul 2014 5:15 pm
P, one thing to keep in mind is Russia and Europe can’t decouple. It is not possible except with a war and war will be the end of BAU and maybe mankind. Both Russia and Europe are critical nodes in the global BAU machinery. Critical means “will not function without”. There can be no trade war, hot war, and long term cold war. The global system has progressed to a point where decoupling is no longer an option for states like Russia and Europe locked in a symbiotic relationship. The wheels of trade, exchange, distribution will not survive an energy shortage in Europe. This is a global phenomenon. Ukraine can be thrown to the wolves. This would be very messy and dangerous but Ukraine is not a vital hub in the Global BAU. If Europe grinds to a halt due to NatGas shortages so will Russia. Russia cannot go very long without some vital and essential part made in Europe multiple by thousands. Their industries will stop IOW “Minsky moments”. This is likewise true for the US and China. This is not even considering the panic of confidence in global equity markets when the herd understands that in this case “bad news is not good news” (BTFD or BTFATH). This seems to be a game of chicken with both sides believing they have a higher ground and a better economic edge. This is not so for either side. This game of chicken is in effect Russian roulette. I say this because we have seen multiple events that have become crisis. No crisis yet a tipping point but the trend is to ever greater tension. When will that right chamber roll around with a magnum load?
Makati1 on Wed, 23rd Jul 2014 9:57 pm
Come October … we will see who is holding the best hand. Now that the West has shot off both feet and is working up both legs, it is only a matter of time.
The US is desperate for a big war and they are being frustrated because Putin knows this and is standing back watching the Western desperation become more obvious to the other 6 billion people on this planet, while the US’economy continues to decline.
China has Russia’s back literally and financially. Russia has energy and many resources. China has trillions of Charmin dollars to burn and, returning home Chinese techies trained and employed in the States by every corporation wanting brains and cheap labor. Both Russia and China have nukes so any direct assault on them is impossible unless it is national suicide.
Makes more exciting watching than any ‘B’ summer movie.
JuanP on Wed, 23rd Jul 2014 10:09 pm
Mak, I don’t think this could become a ground war. It will remain a political, propaganda, and, first and foremost, an economic war. No military confrontation between the USA and Russia is viable, IMO.
Davy on Wed, 23rd Jul 2014 10:32 pm
Geeze Mak, you said basically the same thing a few days ago. Talking movies well you should be talking re-runs. Please update your spiel. IMA your spiel is way off course and extreme.
Makati1 on Thu, 24th Jul 2014 5:46 am
JuanP, Neither world war was ‘viable’ but they happened. Trade means nothing when a ‘Hitler’ is turned lose with the means to try to rule the world. If you step back and look, you will see that the US is destroying all of the nations that might go against them and trying to take down the economies of even their allies. They are getting desperate. They cannot destroy Russia or China without a war. Who said it will be a ground war? Missiles anyone?
“A Congressional “Blueprint for US Intentions”: “Legislating the Way” to World War III?”
“Ukraine: How the US Drive for Hegemony Risks World War III”
“How to Start a War: The American Use of War Pretext Incidents.”
“Malaysian Aircraft Incident: Every US War Starts With A Lie”
“The Decline Of Influence”
…and many many more articles about the coming war. Or should I say, the coming to America of the wars now raging across the world? The financial and techie wars are only the beginning. Back a nuclear country into a corner and anything can happen.
“Duck and Cover!!!” ^_^