Europe and Russia must fasten the cleft.While the world basks in the euphoria of relative recovery from the scourge of Covid-19 pandemics, it faces yet another trauma of belligerence in Europe – Sanction and counter-sanction between Europe and Russia respectively.
Although some analysts are numb to the globalization agendum in every sphere of human endeavours as they subjectively posited Europe to be the end loser in the faceoff.
Europe would indubitably have to pay more for goods and services from the corollary of Russian’s trade decree signed into law by her president, Vladimier Putin, it may not necessarily results into jobs loss. Mutually and unarguably, the epicenter of globalization is trade liberalization between countries in all continents of the planet earth. Of course, Europe would throw the instrumentality of globalization in the works, which presupposes looking elsewhere outside Russia to source for its needs, with modicum to oil and gas. Demand for lower distillate (the crude) shall shoot up, no doubt, coercing other suppliers to increase their daily output in order to assuage the shortfall occasioned by the vanquished reciprocal enactment of Russia; such obstinate proclivity is not a welcomed development in realm of cognitive psychology.
The apt antidote to Europe’s sanction is considerably the trajectory towards symbiotic and peaceful relationships with her allies in the continent, not an outright bluff.
The composite drawback of the counter sanction seems to obfuscate the cerebrals of some petronomic experts, but if thoroughly deciphered with the prism of klieglight, Russian may be the end loser from the perspective of say, “it may not result to jobs loss”; and her wealth creation ceases marginally, inasmuch as, Europe has the choice to procure the black gold from other world suppliers especially from countries in OPEC bloc.
What this dimension portends is, the whipped continent would have to pay more, borne out of the force majeure created by probable depreciation in elasticity of supply; this animosity by Russia tendentiously creates an imperfect competition to an imperfect oil market, and by dint of factorization, is bound to prod some kind of superfluous on the productive efforts of OPEC as labour, capital, machineries, pipelines etc., tend to be overstretched; it’s not a good omen though, but the upbeat lies in the jaw jaw that must be orchestrated by world leaders with a view to calibrate the smudge in not too distant date.
Nevertheless, it becomes colloquial that head or tail, with or without Russian oil, Europe industries would thrive. Russia too is saying, “Hey Guys, to hell with your petrodollar, with or without you, Europe, I, Russia, will survive, after all, I have a sophisticated balance sheet that hosts over $600 billion in foreign reserve”. Oh, an eye for an eye that tends to make the world go blind. Where do we go from here? Amicable settlements, the deus ex machina so to speak, are the ways to go. Then who blinks first? Considering the adage of if you spanked a child with the right hand, use the left hand to recompensedly draw the prankee closer, therefore, Europe, the big house, should blink first.
Having said this, Europe should be magnanimous enough to defreeze the bilateral trade credit of $85 billion of Russia held in various banks across Europe; while Russia on her part, follows suit by repudiating the trade decree slammed on Europe.
There and then, other talks follow, like, for instance, the kernel of the impasse which palpably is the admission of Ukraine into NATO comity of nations. These admonishments, if hearkened to, could expectedly snowball into a ceasefire on the said Ukraine. Albert Einstein (1879 – 1955), the foremost theoretical physicist/exponent of Relativity said and I quote:
“The world will not punish the evil people that destroyed it, but those watching and do nothing to them”. With this statement, the mediation by UN in the imbroglio is however, much relevant. Not sounding equivocal, the entire citizens of the world dirge the casualties on both sides of the avoidable war of Russia and Ukraine, commiserate with their families and render fiery supplication to the Creator to repose their innocent and gentle souls in His bosom.