Europe gains from fossil fuel phase out, but CBDC could weaken future sanctions
Thursday 3 March 2022 – Vol.13 Ed.9.4
Commentary: Putin’s asset is Europe’s liability
By Dustin Benton in London
The invasion of Ukraine was not caused by fossil fuels. But Vladimir Putin’s Russia is a petro-state: fossil fuels provide 60% of Russian exports and 40% of Russia’s federal budget revenue. An accelerated transition to clean energy and agriculture should play a central part of Europe’s new security architecture. Doing so would help secure Europe from both a belligerent Russian regime and the climate risks that Nato recognises as the ‘shaping threat’ of the 21st century.
Read the full commentary on the website.
Commentary: CBDC networks could defang sanction threats
By Lewis McLellan in London
Removing Russian participants from Swift and the dollar payments network will deal a powerful blow to Russia’s economy, but the power of the measure may soon start to wane as cross-border CBDC networks become an urgent priority. Weaponising the payments network is likely to be useful only once. A broad range of countries might flock to participate in the development of a network that is free from western political influence.
Read the full commentary on the website.
