It really is some kind of misplaced patriotic pride.
When it comes down to it, it is a net positive. But there are so many more important things.
When a market is rising because the supply of funds is greater than the supply of assets, it is difficult to say when the ride will end.
I've been talking about bringing down the ring-fence for five years, so any delays now wouldn't be surprising.
In the past, Russia used its military to project influence internationally. Now the agenda has changed. Energy has become the way Russia projects its power.
A sudden jump from... low energy prices to world energy prices can cause quite a violent squeeze on the economy.
In these negotiations, Russia holds all the cards. They have the energy, and the U.S. needs it.
Russia will not have many friends, but it has established the importance of its position and the potential influence in energy policy.
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