Russia’s time as the world’s energy superpower might soon be coming to an end. Under President Vladimir Putin’s watch, the country has supplied vast amounts of natural gas and oil to Europe, Asia, and other corners of the globe. But the West’s crackdown on Russian energy in response to Putin’s invasion of Ukraine could signal a new era in the global energy markets, one that sees Russia fade in influence while other budding powers scramble to fill the void.
President Biden announced Tuesday that the U.S. would ban imports of Russian oil. The British government also said it would do the same. By taking aim at one of Russia’s most lucrative industries, Western leaders hoped to ratchet up the pressure on Russian leader Vladimir Putin to end the war in Ukraine, the largest land invasion since World War II.
On the same day of Biden’s announcement, gas prices hit their…
