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261. Venezuela Oil Sanctions: Not an Easy Fix

Author:
Luisa Palacios and Francisco J. Monaldi
Publication Date:
03-2022
Content Type:
Commentary and Analysis
Institution:
Center on Global Energy Policy (CGEP), Columbia University
Abstract:
Russia’s invasion of Ukraine has upended global energy markets and brought energy security issues back to the forefront of global attention. The unexpected visit of a US government delegation to Caracas for talks with Nicolas Maduro on March 5th may be considered an example of official recognition of this imperative.[1] The visit led to speculation that sanctions on the Maduro regime could be lifted and that a rapid ramp up of Venezuelan oil production and export could result.[2] This commentary makes three arguments concerning these recent developments. First, rather than potentially leading to the lifting of US sanctions on the Maduro regime, the visit could result in – provided certain conditions are met – an easing or softening of existing oil sanctions via licenses for some of the international oil companies (IOCs) that still operate in Venezuela.[3] Second, in the short term, it is unlikely that this scenario, should it come to pass, would offer any meaningful relief to global oil markets, as substantial increments in oil production from Venezuela would require overcoming many obstacles and risks, even with a potential softening of oil sanctions. However, the latter would likely lead to the redirection of Venezuela’s existing oil exports to the US market. Third, Venezuela has already seen a recovery of oil production, albeit from historically low levels. In a context of no sanctions relief, continued recovery is not guaranteed and might depend on how geopolitical events impact Russian oil exports and the outcome of the Iranian nuclear negotiations.
Topic:
Energy Policy, Oil, Natural Resources, and Sanctions
Political Geography:
South America and Venezuela

262. Energy Markets and the Design of Sanctions on Russia

Author:
Christof Ruhl
Publication Date:
03-2022
Content Type:
Commentary and Analysis
Institution:
Center on Global Energy Policy (CGEP), Columbia University
Abstract:
Sanctions against the citizens, institutions, and products of the Russian Federation are evolving rapidly. Energy sanctions started late, but the number of countries embargoing oil, gas, or coal imports from Russia is expanding. These sanctions are likely to increase global fuel prices while depressing the price of the sanctioned fuel. The experience to date suggests that the current, gradual approach of reducing oil and gas imports from Russia one country at a time may have room to go further. Before the invasion of Ukraine, the sweeping and unprecedented sanctions promised in the event of a Russian invasion were often conceived as a two-pronged pincer movement. The idea was to isolate Russia from the global financial system while limiting its commodity and energy exports. Both moves were aimed at the source of the financial strength of “fortress Russia,” namely, its persistent balance of payment surplus.
Topic:
Energy Policy, International Trade and Finance, Sanctions, Financial Markets, and Conflict
Political Geography:
Russia and Europe

263. Sanctions and the Economic Consequences of Higher Oil Prices

Author:
Christof Ruhl
Publication Date:
04-2022
Content Type:
Commentary and Analysis
Institution:
Center on Global Energy Policy (CGEP), Columbia University
Abstract:
Sanctions against the Russian Federation are developing so fast that it is hard to keep track of them and even harder to see a consistent narrative as events unfold. But there is one. Russia is the world’s largest exporter of energy and commodities. A persistent balance of payment surplus is the source of its financial strength, in terms of both current income and the financial assets previously accumulated by “fortress Russia.” Oil, gas, and coal exports constitute the most valuable revenue streams and are therefore prime targets of sanctions policy.[1] The problem is that energy sanctions will backfire badly if they lead to price increases large enough to derail the economic performance of sanctioning countries.
Topic:
Economics, Energy Policy, Oil, Natural Resources, and Sanctions
Political Geography:
Global Focus

264. Hydrogen: A Hot Commodity Lacking Sufficient Statistics

Author:
Anne-Sophie Corbeau
Publication Date:
04-2022
Content Type:
Commentary and Analysis
Institution:
Center on Global Energy Policy (CGEP), Columbia University
Abstract:
Hydrogen has become one of the most debated topics in the energy industry. As an energy vector,[1] hydrogen has been touted as a possible path to decarbonize energy sectors that are considered difficult to electrify, such as heavy-duty transport. While hydrogen expansion faces challenges associated with introducing it into new sectors and decreasing the cost of green (or low-emission) hydrogen, major economies such as China, the EU, and the United States have been looking to integrate its use into their decarbonization strategies.[2] Demand for hydrogen could more than quintuple in a global net-zero-carbon-emissions scenario.[3] Given that hydrogen’s role is expected to increase significantly over the coming decade and expand into new sections of the energy system, it is essential to have more clarity on its current and future demand profile. The energy community is used to relying on statistics for more traditional fuels such as oil or natural gas; they enable analysts and investors to follow market developments, identify trends, and anticipate investment needs and opportunities. For policy makers, they can help to measure progress toward decarbonization objectives or against targets set within their hydrogen strategies as well as help them compare their activity with other countries’ developments. Understanding demand, production, and trade through data transparency is also a key element in energy security.
Topic:
Energy Policy, Science and Technology, Decarbonization, and Hydrogen
Political Geography:
Global Focus

265. Russia’s War in Ukraine: Identity, History, and Conflict

Author:
Jeffrey Mankoff
Publication Date:
04-2022
Content Type:
Commentary and Analysis
Institution:
Center for Strategic and International Studies
Abstract:
Russia’s invasion of Ukraine constitutes the biggest threat to peace and security in Europe since the end of the Cold War. On February 21, 2022, Russian president Vladimir Putin gave a bizarre and at times unhinged speech laying out a long list of grievances as justification for the “special military operation” announced the following day. While these grievances included the long-simmering dispute over the expansion of the North Atlantic Treaty Organization (NATO) and the shape of the post–Cold War security architecture in Europe, the speech centered on a much more fundamental issue: the legitimacy of Ukrainian identity and statehood themselves. It reflected a worldview Putin had long expressed, emphasizing the deep-seated unity among the Eastern Slavs—Russians, Ukrainians, and Belarusians, who all trace their origins to the medieval Kyivan Rus commonwealth—and suggesting that the modern states of Russia, Ukraine, and Belarus should share a political destiny both today and in the future. The corollary to that view is the claim that distinct Ukrainian and Belarusian identities are the product of foreign manipulation and that, today, the West is following in the footsteps of Russia’s imperial rivals in using Ukraine (and Belarus) as part of an “anti-Russia project.” Throughout Putin’s time in office, Moscow has pursued a policy toward Ukraine and Belarus predicated on the assumption that their respective national identities are artificial—and therefore fragile. Putin’s arguments about foreign enemies promoting Ukrainian (and, in a more diffuse way, Belarusian) identity as part of a geopolitical struggle against Russia echo the way many of his predecessors refused to accept the agency of ordinary people seeking autonomy from tsarist or Soviet domination. The historically minded Putin often invokes the ideas of thinkers emphasizing the organic unity of the Russian Empire and its people—especially its Slavic, Orthodox core—in a form of what the historian Timothy Snyder calls the “politics of eternity,” the belief in an unchanging historical essence. The salience that Putin and other Russian elites assign to the idea of Russian-Ukrainian-Belarusian unity helps explain the origins of the current conflict, notably why Moscow was willing to risk a large-scale war on its borders when neither Ukraine nor NATO posed any military threat. It also suggests that Moscow’s ambitions extend beyond preventing Ukrainian NATO membership and encompass a more thorough aspiration to dominate Ukraine politically, militarily, and economically. It also helps explain Russia’s military strategy. Moscow appeared to calculate that enough Ukrainians, at least in the eastern part of the country, would accept some form of reintegration into a Russian sphere of influence because of shared cultural, linguistic, religious, and other ties with Russia. Despite pre-war polls showing large numbers of Ukrainians willing to take up arms to defend their country against a Russian invasion, Moscow’s wager was not entirely implausible given the recentness of the shift and the persistence of family and other ties across the Russian-Ukrainian border. Nonetheless, Russia’s war has become bogged down in no small part because this calculation about Ukrainian identity has proven dramatically wrong.
Topic:
War, Military Strategy, Hegemony, Conflict, Rivalry, and Strategic Interests
Political Geography:
Russia, Europe, and Ukraine

266. Creating an Enabling Environment for Sustainable Water Infrastructure Financing

Author:
Conor M. Savoy and Janina Staguhn
Publication Date:
05-2022
Content Type:
Commentary and Analysis
Institution:
Center for Strategic and International Studies
Abstract:
Water presents a significant global development challenge as crises over resources and access to clean water are becoming more extreme due to climate change. To reach the most disadvantaged communities in rural areas, adequate infrastructure is going to be integral. It is estimated that water infrastructure will require an additional $22.5 trillion by 2050, and to achieve Sustainable Development Goal (SDG) 6, financing would need to triple to $114 billion per year. As with other forms of infrastructure, water requires more than simply building reservoirs, pipes, and holding tanks. For true sustainable infrastructure, donors and local governments should also invest in support to maintain infrastructure and create a regulatory environment that enables continued improvement. To successfully finance water infrastructure, there must be an understanding of what the current financing landscape looks like and how the United States, its Group of Seven (G7) allies, and multilateral partners should prioritize financing, especially on a local level.
Topic:
Environment, International Cooperation, Water, Infrastructure, and Sustainability
Political Geography:
North America, Global Focus, and United States of America

267. What Does $40 Billion in Aid to Ukraine Buy?

Author:
Mark F. Cancian
Publication Date:
05-2022
Content Type:
Commentary and Analysis
Institution:
Center for Strategic and International Studies
Abstract:
Congress has approved $40 billion in aid for Ukraine and other countries affected by the conflict―the sixth aid package since the war began. A major change is that this package looks ahead months rather than weeks. The aid package provides $19 billion for immediate military support to Ukraine, continuing the effort that has been vital to sustaining Ukrainian resistance, and $3.9 billion to sustain U.S. forces deployed to Europe. The package also contains about $16 billion for economic support to Ukraine, global humanitarian relief, and a wide variety of international programs as well as $2 billion for long-term support to NATO allies and DOD modernization programs. Although some elements of the aid package will be available quickly, many will take years to fully implement. This raises questions about why long-term elements could not have gone through the regular congressional authorization and budget processes.
Topic:
International Cooperation, Military Strategy, Military Spending, and Military Intervention
Political Geography:
Russia, Europe, Ukraine, North America, and United States of America

268. Why the Opposition Win in Barinas, Venezuela Matters

Author:
Ociel Alí López
Publication Date:
01-2022
Content Type:
Commentary and Analysis
Institution:
The North American Congress on Latin America (NACLA)
Abstract:
The victory of opposition candidate Sergio Garrido in the governorship race in the state of Barinas on January 9 changes the symbolic map of Venezuela’s internal diatribe. The result barely affects the country’s political-territorial map; the governing party swept the regional elections on November 21 with 19 of 23 governorships and 210 of 335 mayoralties. However, it does mark a tremendous change in the sensibility with which the opposition and the government have participated in a political environment that is, if you will, hospitable—for the first time in many years.
Topic:
Government, Elections, Domestic Politics, and Opposition
Political Geography:
South America and Venezuela

269. Jogo de Bicho: Brazil’s Popular but Illegal Lottery Game

Author:
Constance Malleret
Publication Date:
05-2022
Content Type:
Commentary and Analysis
Institution:
The North American Congress on Latin America (NACLA)
Abstract:
Although the game is historically tied to criminal groups, Brazil’s Congress is debating a proposal to legalize it.
Topic:
Crime, Domestic Politics, Legislation, and Gambling
Political Geography:
Brazil and South America

270. Political Prisoners to Ortega’s Narrative

Author:
José Luis Rocha
Publication Date:
05-2022
Content Type:
Commentary and Analysis
Institution:
The North American Congress on Latin America (NACLA)
Abstract:
In Nicaragua, the story of a government fighting against the U.S. capitalist empire exposes deep contradictions.
Topic:
Government, Prisons/Penal Systems, Domestic Politics, Political Prisoners, Empire, and Daniel Ortega
Political Geography:
Central America, Nicaragua, and United States of America