Krugman: Putin's Natural Gas Weaponization Fails, Russia's Superpower Status a Facade

Nobel laureate Paul Krugman has said that Russia's attempt to weaponize natural gas prices has failed, and the country's superpower status is a facade. Europe managed to navigate the last winter despite Russia slashing its gas supplies in retaliation for Western sanctions. EU nations built up an impressive stockpile of natural gas that went largely unused amid warmer temperatures, and the eurozone avoided a financial catastrophe, managing high inflation without spiking unemployment. Meanwhile, Russia's energy revenue has crashed 50% from last year, and the country is facing a wider budget deficit as it ramps up spending during its military invasion.