Sunday, January 17, 2021

Will Russia-France Relations Crumble Due to War in Syria and Oil Price Hike?

Are Russia-France Relations under pressure due to Oil Price Hike and War in Syria? While the Senator from France believes that the Russia-France Relations will remain steady, recent developments suggest differently. The Russia-France relations are under immense pressure due to US Oil Price Hike, besides the rising tensions surrounding the War in Syria. Will Moscow-Paris relations be able to withstand the mounting pressure?

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Ever since US President Trump has made official statements about striking the War in Syria, the world is gripped with mounting tensions. As the US troops in Syria wait for a green signal, President of France states evidence against the use of chemical warfare by Syria. The senator of France went on to state that the nation will continue to support the Russia-France relations, against international belief.

Are Russia-France Relations in Limbo, post Syria?

The senator from France commented on the Russia-France relations stating that the two nations continued to cooperate and also worked on strengthening the bilateral ties. He said that there were open discussions between the lawmakers of both countries and an open channel for communication to unify the Russia-France relations. Commenting on the assumed tiff in Russia-France relations, he stated, as reported in TASS, a Russian News Agency:

“I really do hope that all the contradictions between Russia and the West are temporary. History has repeatedly shown us that the stage of confrontation and mutual rejection is replaced by reconciliation and detente. I think that in many areas we have a mutual understanding”

US Oil Output Hike is another strain on the Russia-France Relation

The price hike on oil by the US is another concern for people evaluating the Russia-France relations. This rise in price is a reaction to the terror activities by the rebels of Yemen trying to destruct the oil infrastructure in Saudi and the war in Syria. While Russia, along with the OPEC reacted with cutting the production of oil, the US in-turn hiked the oil prices. Thus the oil production in the US has seen an all-time surge over the last week, climbing at par with Russia. The experts are calling this a ‘war premium’.

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A Setback for Russia’s Energy Sector and Ongoing Crypto-currency Plans

Russia was fast moving towards modernising its energy sector with a 2035 goal. However, it seems that these plans are now derailed and the final project will only be rolled out by the next government. The current mechanism of the project has been criticised and sought to be weak, lacking the impact to draw in investors. According to the Ministry of Energy, the final plans are still being hashed out, although they are certain that a final version will be presented on 1st of May.

A Dangerous Cold War is Brewing between the US, Russia and China – A Three-Edged Sword!

Looking at the Financial market in Russia, the bill for ‘On Digital Financial Assets’ recommends a mandate on exchanging crypto-currency for transactions – Russian or foreign – above 9.708 US dollars. The documentation process for the same is still being worked out. This change has been recommended realising the lack of regulation on taxation for digital assets in Russia.

Coming back to the Russia-France relations, with so much happening around the world and with significant changes in dynamics and power relations between nations – will the Russia-France relations crumble or withstand the pressures?

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