A FISTFUL OF DOLLARS - 3
THE crisis in Ukraine has alarmed the rest of Europe—not just because of the prospect of war, or chaos on its borders, but because a row with Russia over Ukraine's unpaid gas bill threatens energy security in the rest of the continent. Europe could survive a short interruption of a few weeks to the pipelines across Ukraine, assuming that other Russian gas kept flowing. The European Union has built in more resilience since the last upset in Ukraine, in 2009. Now it is hurrying to reduce its reliance further. But measures such as better storage, more interconnectors and diversification of supply will take several years. In the long term Europe could import…
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