“HURT BY SANCTIONS, RUSSIA FORECASTS A RECESSION IN 2015” (December 2, 2014)

Thus The New York Times today. “Moscow revised its forecast for next year to show a contraction of 0.8 percent, compared with a previous projection of 1.2 percent growth, signaling that sanctions and falling oil prices had taken a toll,” elaborates the newspaper. The plummeting oil prices are perhaps even more important than the sanctions in this connection. They, too, come from the States, and for the same reason. The new oil leader of the world is not fooling around with its treasure. In this connection, the article mentions the abandonment of the South Stream by Russia. What it misses is the impact of all of the above on Europe. Many European countries, both those in and out of the European Union, will be affected pretty deeply, as well. The falling oil prices will be welcomed across the subcontinent, and especially at the threshold of winter, but the sanctions have disrupted much of the trade with Russia. Yet another article of this sort can be forecast, albeit with a slightly different title. Only put Europe in Russia’s place, and the article is all but ready to print.