Russia those earlier disputes also led to gas

Russia possesses a very large amount of the world’s resources which can lead to conflict for other countries if they are kept from obtaining those resources. Russia has very large deposits of coal, oil, and natural gas. These fossil fuels are incredibly important all around the world for energy, not having access to these resources or not having enough of one of them can have a huge impact on the economy of a country. If something were to happen that made Russia unable to export these materials, other countries all around the world would be in trouble. Also, if a conflict with another country occurred then Russia could cut off exports to that country which could lead to even more problems. In 2014, there was a conflict involving Russia and Ukraine. Russia had cut off Ukraine’s gas after complaining that Ukraine had failed to pay off its debts. This was not the first time, Russia also cut supplies because of price disputes in 2006 and in the winter of 2008-2009. According to Paul Kirby, BBC News, those earlier disputes also led to gas shortages in other places in Eastern Europe, which meant hardship for many ordinary citizens in mid-winter. Ukraine relied on Russia for half of its gas supplies and some EU member states, such as Slovakia, take all their gas from Russia. In total, before this crisis, Russia supplied 23% of the EU’s gas. Due to the gas being cut off, conflicts and problems arose as people struggled to find other sources. Exxon, the world’s largest oil company, had been trying to make a deal with Russia regarding its vast oil and gas deposits. Exxon signed a series of deals with Russia to drill for oil in the Arctic, on of the biggest untapped fossil fuel resources left in the world. In 2014, Exxon’s hope for the Arctic had fallen apart when the Obama administration put sanctions on Russia’s oil industry over Russian incursions into Ukraine. Exxon was forced to stop work, even after just finding an oil discovery, and the exploration in the Russian Arctic has been on hold ever since. Exxon was very deeply invested in Russian oil and when these sanctions were put in place, it ruined all of their chances and caused many consequences for the company as a whole.