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European Union
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The European Union recently asserted that, in order for Russia to join the World Trade Organization, it must raise its low domestic gas and electricity prices to world levels. However, Vladimir Putin responded that this was an “impossible” requirement to fulfil, as it “would cause the whole Russian economy to collapse”. Because its economy is so dependent upon the provision of low-cost oil, gas, and electricity, as well as budget revenues generated by energy sales abroad at higher prices, Russia could not allow free-market domestic energy prices.
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Paper Information
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Title: European Union
Words: 276
Rating: None
Pages: 1.1
submitted by: Munkaymon
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