Moving away from coal and gas may bring geopolitical security
19:54
The sanctions imposed by the West on Russia are mild, and Poland – now also for security reasons – should accelerate the energy transformation towards nuclear and renewable energy, as the analysts of ING Bank Śląski assessed.
"Russian banks cut off from the dollar market are of little importance to the financial system there, those settling oil and gas payments are left untouched," they pointed out.
As they added, foreign investors cannot buy new bonds in rubles, but this will not change much either.
"In 2014, Russia was cut off from dollar debt as well. Here too the West took a gentle approach. Because today Russia has no deficit, in 2014 it had a deficit and larger debt in dollars, government, and banking," they wrote.
Moreover, ING pointed out that Russia has prepared itself well for the sanctions since 2014, its financial dependence on the West has significantly decreased, which cannot be said about Western countries – their energy dependence on Russia has increased because they import more gas and, in the case of Poland, more coal. from Russia.
