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Russia's Elvira Nabiullina, has helped Russia avoid the worst effects of the collapse in oil prices with the careful management of the economy. Russia has weathered the crisis better than most emerging markets, say experts, with policy moves that included a devaluation of the ruble, recapitalizing banks, increasing the share of public debt in Russian hands, and assistance to poorer sections of society. Following the last crisis in 2008 Russia built up its rainy day fund, the sovereign wealth fund, to $500 billon to help support the economy in difficult periods. Experts say, and Nabiullina concurs, that what is needed now even more than a rise in oil prices is improvement in business conditions and business climate to generate growth following high interest rates of 17% in 2014. Exceptional performance by an exceptional banker, known for her humility and experience through several crises, as deputy economy minister in 2000 and economy minister in 2007. Better relations with the European Union would do just that, particularly to increase foreign investment in Russia's economy, and restore the conditions for growth. ...

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Wages have gone up less in Europe than in the US. In the last 3 months of 2021 wages were up 1.2 % and inflation was up 4.7% for a fall in real wages of 3.1%, which has accelerated since then with the war in Ukraine and shortages of energy and food supplies. A YouGov poll shows that 15% of Germans cannot afford basic necessities and 53% are concerned about rising prices. Because basic things like food and energy where prices have gone up the most also take up large portions of the budget for lower income households. In Germany some unions are giving one off payments for energy bills and other costs to workers till negotiations lead to a settlement on increasing wages. The situation is similar in Greece, Italy and France. In Greece the government has given $3 billion for subsidies on gas and electric bills. Elections are now focusing on cost of living as in France where the second and third place winners in the first round Le Pen and Melenchon together took about half of the vote. ...

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The Orthodox Church of Ukraine gives Ukraine its own identity as a nation and people. Here young church members are shown making candles and preparing camouflage nets at a local church in the northwestern part of Ukraine. Use of the Ukrainian language is now popular.

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Looking long term at climate change actions that need to be taken European oil companies are likely to turn the current problem into an opportunity. This includes Shell, BP, Total. Prof. Michael Grubb of the University College, London, says the current oil crisis will only accelerate European oil companies investments into renewables and electric vehicle infrastructure.

This WSJ report points out that Shell, BP and Exxon have provided the advanced technology that makes production from challenging assets such as in the Arctic possible. With the withdrawal of this technology production increases will be limited and higher methane gas emissions are likely overall from Europe's eastern region. Exxon is likely to invest more in natural gas projects as it makes its withdrawal.

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The Nixon Mao meeting of 1972 now seems a very long time ago. Little is mentioned here in this WSJ report on what was happening inside China in 1972. The Great Proletarian Cultural Revolution had severely divided the Communist Party. This was followed by the Lin Piao episode in which the defense minister clashed with Mao leading to a complete loss of confidence in the stability of the leadership. China sought the meeting and Chou-en-lai, premier and Mao's minister for foreign relations, was eager to seek a new relationship with the US. The period 1960-1970 had pushed China back 10-20 years in its effort to develop an industrial economy.  The event is presented as one in which the two countries were meeting at the same level after the Korean War, which was not the case. This report says it was the $3 trillion in US and foreign investment that helped an economy the size of India in 1972 to emerge into what it is today, much larger than India. This report goes on to cite Foreign Affairs and other authors who write that Mr. Kissinger and Mr Nixon saw this as a self-promotional event in contrast to the situation Chou-en-lai, the Chinese premier faced during that difficult time in China's history. ...