We've bailed on Russia...
Last week, I wrote about the mixed views on Crimean Independence and the supposed action that The G7 were planning to take against Russia. It was made apparent to me that the UK would fray away from harsh sanctions as we partially rely on Russia's Gas.
Today, I'm reporting on what can technically be called a sanction that the UK is solely accountable for. Prior to the Ukraine Crisis, even before the Sochi Winter Olympic games (last September to be precise), we were engaged in a pact with Russian state energy firm Rosatom. The terms were that, Rosatom would receive help from other European and British firms to make UK regulation gas. It would then have the backing of the government to do trade within the UK. I suspect that this deal was probably drawn up to ease the tariffs on gas for 'us'.
But now, due to recent events regarding Ukraine, the UK are contemplating whether to revoke their participation in this agreement. The Department of Energy and Climate Change (DECC) said the agreement was "under consideration" following Russia's military takeover of Ukraine's Crimea region.
We've already taken some action as the EU have imposed travel bans and asset freezes on pro-Russian officials in Crimea and supporters of President Putin after Russia took control of the region.
If we need Russia's gas so much, is it really wise to be making threats?
Energy bills are already so controversially high that we've had to turn to the French (EDF) to help us build a new nuclear power plant.
I'm all for saving the environment but being prone to frostbite in early Spring wasn't really the idea I had in mind.
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