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Vital energy revenues are the chink in Putin's armor

Ukraine conflict will have severe repercussions for Moscow

| Russia & Caucasus
The gas receiving station of the Nord Stream 2 near Lubmin, Germany, pictured on Jan 7: the new pipeline may stand empty.   © dpa/AP

Nick Butler is a visiting professor at King's College London and a former senior executive at energy company BP.

The short-term implications of Russia's invasion of Ukraine are already clear.

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