Russia hit harder than Europe by sanctions, as it sold 83% of its energy resources to Europe - Fortune

Researchers from Yale University, who analyzed the situation in the Russian energy sector, wrote about this in Fortune magazine.

By reducing the supply of natural gas through the Nord Stream 1 gas pipeline to 20% of its capacity, Russia is dealing a "catastrophic blow" to its own economy.

From a purely economic point of view, Russian President Vladimir Putin needs the European market much more than the world needs Russian energy resources, say Jeffrey Sonnenfeld and Stephen Tian. Last year, Europe imported 46% of energy resources from Russia, while exports to Europe accounted for 83% of all Russian exports. Moscow is forced to sell its oil to Asian countries at a 35% discount, and with only one functioning gas pipeline from Russia to China or India. Natural gas supplies to Asia in 2021 accounted for only 10% of supplies to Europe.

"Putin's stunts, such as reducing the supply of natural gas to Europe, have actually caused many times more damage to the Russian economy than the European one. Russia's loss of oil and gas export revenues is approaching catastrophic, given rising government spending, a budget deficit that has reached two percent, and dwindling gold and currency reserves", Jeffrey Sonnenfel and Stephen Tian wrote. 

According to American analysts, Putin's bet on dividing European countries and intimidating European voters will not work. Politicians in Europe and the US are taking joint action. The volumes of oil received from strategic reserves exceed the volumes of Russian exports. At the same time, oil and gas production is increasing sharply in the USA. Natural gas production and liquefied natural gas production have reached record levels, and oil production is approaching record levels.