![]() The United States (US) also started to convey that the invasion of Ukraine by Russia was imminent. Since last few months, both print and the electronic media all over the world had started to speculate about every likelihood of a Russian aggression taking place in Ukraine. For example, in the year 2021, Russia balanced its budget with a relatively low oil price at $45 per barrel against an average of nearly $70 a barrel. Russia is learnt to have used energy revenue to accumulate some $630 billion in foreign exchange reserves. ![]() ![]() Post collapse of Union of Soviet Socialist Republics (USSR) in the early 1990s and thereafter, many years of economic struggle and internal strife, the leadership of President Vladimir Putin finally ensured that Russia is now seen as an energy giant becoming the world’s third-largest producer of oil and second-largest producer of natural gas. The developments of Thursday morning, however grim and disturbing it may sound or look, it is very important that we turn the clock back to understand the Big Game behind this new conflict Eastern Europe finds itself embroiled in.
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