New Delhi: In early March, oil hit its highest level since 2008 as the turmoil in Ukraine rocked the already tight markets.
The oil market has seen tremendous implications as western countries, led by the US and the UK, have imposed sanctions on Russian oil.
Western corporations have started to shy away from Russia publicly. The current business climate reveals West’s double standards which are constantly at play. It seems that the western countries are oblivious that the sanctions will take a toll on the rest of the world.
At the same time, Asian nations, including India and China, have the opportunity to benefit from the situation.
Today, Western politicians openly declare their intention to eradicate everything Russian, pursuing speculative but implicit aims: To weaken Russian economic progress.
Whenever profit can be made, the business sector is not so straightforward – the ban on Russian goods is not that extensive, and the reliance on establishment manifestos regarding dividends is quite evident.
The approach of European business today, on the example of Total, set a completely new, Western vision of ESG principles, or rather a “greenwashing”, when you sacrifice one project so that Big Brother would turn a blind eye to all the others.
In this case, the sacrifice was Russian oil but no gas. According to the French company, it does not plan to refuse to supply “blue fuel”.
The company hastened to clarify that it refuses to participate in new projects, but it does not intend to withdraw from the existing gas projects.
Total will continue to own more than 20 per cent of Russia’s largest LNG plant Yamal LNG, 10 per cent of Alaska LNG 2, which is currently under construction, 19,4 per cent of Novatek, which controls both projects, 49 per cent of Terneftegas with Novatek, 20 per cent in the Kharyaga field, which belongs to Zarubezhneft, and 10 per cent in LNG transshipment centres in Murmansk and Kamchatka.
In any case, on the example of Total, rather conventional and far from their declarations about global peace, the postulates of “responsible democracy” of Western politicians not seldom diverge from the actions of business, facing the apparent reality.
Profit and Russian gas do not stink.
(IANS)
