Recession is now the ‘most likely’ outcome for the U.S. economy, not a soft landing, Larry Summers says

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Former Treasury Secretary Larry Summers tells Bloomberg Economics that the Federal Reserve “is going to have to keep going until we see disinflation.”

Russia supplies around 40% of the EU’s natural gas, and western sanctions over what Moscow calls its “special military operation” in Ukraine have hit its energy exports by complicating the financing and logistics of existing deals. While the EU debates whether to slap sanctions on Russian gas and oil and member states seek supplies from elsewhere, the Kremlin has been forging closer ties with China, the world’s top energy consumer, and other Asian countries. “The so-called partners from unfriendly countries concede themselves that they won’t be able to make do without Russian energy resources, including without natural gas, for example,” Putin told a televised government meeting.

A close relationship based on strategic needs. Mikhail Svetlov/Getty ImagesAs global democracies lined up to condemn the actions of Russia in Ukraine, one country was less forthcoming in its criticism – and it was the largest democracy of them all: India. Throughout the ongoing crisis, the government in India has carefully avoided taking an unequivocal position. It has abstained on every United Nations resolution dealing with the matter and refused to join the international community in economic

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