Petrol prices in the United States and around the world have hit highs not seen since 2014. With the Russian invasion of Ukraine resulting in decertification of the Nord Stream 2 pipeline and the subsequent Western sanctions, prices are expected to climb even higher, but China will not have to pay the price.
Senate Minority Leader Mitch McConnell (R-Ky.) warned that China, North Korea, and Iran are watching the United States right now, and that America’s handling of the Ukraine crisis will determine the future behavior of these belligerent states. He went on to say that all free nations would be imperiled if Russian President Vladimir Putin were not stopped. McConnell demanded more severe sanctions be placed on Russia than those that followed Russia’s previous invasions of Ukraine and Georgia.
Last year, the United States pressured Berlin to halt the Nord Stream 2 gas pipeline, which connects Russia with Germany. Germany regarded U.S. intervention in the pipeline deal as an infringement on the nation’s internal affairs. The United States, however, claimed that the pipeline would grant Russia too much influence over Europe and NATO. Additionally, the Biden administration said that it needed the pipeline issue settled because it wanted Germany onboard as a reliable ally to counter China.
The two nations reached a negotiated solution in which Germany would continue to purchase Russian natural gas, but it was obligated to extend financial assistance to Ukraine. The existence of the pipeline meant that Kyiv would lose $2 billion a year in Russian transit payments. To help mitigate this loss, Germany established a $1 billion fund to invest in Ukraine green energy.
Read More: Gas Prices Expected to Skyrocket, China Will Have Cheap Fuel
