Yale economists: cutting natural gas to Europe will hurt Russia more than Europe

[Herx]

Here is why:

Russia has very few alternative export markets for its gas, and 83% of its natural gas exports go to Europe.
Europe, on the other hand, imports just 46% of its natural gas from Russia.

Read the rest:
https://www.axios.com/2022/07/26/russia-sanctions-economic-impact

[genxlib]

1. While I am sure that is true

Autocrats have a lot more leeway in absorbing economic problems than democracies do.

Voters under duress make changes when they actually have choices.

In that way, Europe is at risk. Especially since many of the opposition parties are Pro-Putin.

[rockfordfile]

4. This is why you don't let other countries dictate your country's lives.

[SWBTATTReg]

2. Russia's significant foreign currency earnings comes probably mostly from the sale of oil and gas.

And foreign currency is what the world revolves around, for payments, unless it's a tit for tat, Russia oil or gas in exchange for widgets A, B, or C. Kind of hard to move actual assets around vs. the currency equivalents.

[hunter]

3. Putin moved too soon. Europe hadn't yet completed its conversion from coal to Russian natural gas.

Things would have been a lot uglier if Nord Stream 2 pipeline had been running for a few years.

Europe's "green energy" schemes, supported by Russian natural gas (and to a lesser extent biofuels) have been a complete disaster.

[ProfessorGAC]

5. Been Saying That For Months

Russia is an economic pipsqueak.
Their nominal GDP per capita is under $11,000. That's 57th in the world. That's 1/3rd of Italy, which is not exactly an economic powerhouse.
A whopping 35% of GDP is net exports, and energy is 2/3rds of exports.
Blocking half would be like shutting down the entire US financial services sector.
Would Europe suffer some pain? Absolutely. But, the Russian economy would collapse & hyperinflation would be a real consequence.
If they didn't have nukes, they'd be nothing.