I read somewhere that USA government are worry because if oil prices grown up (see last JP Morgan report: expected prices are near $200, if I’m not wrong).
So: if Russia sell oil with discount to China/India, but the price has increased 40% it’s possible Russia doesn’t be hurt. But, in the other side, western economies should buy oil 40% expensive ;-)
The same for gas, cereals, platinum and lot of commodities.
The difference between Italian and Russian economy is obvious: the second is rich on resources and could be more independent/autarkic than first. Even more, public debt of Russian is between 20-30% and Italian I think should be between 120-140%.
USA has several strong points, because is another big country with lots of resources (specially gas, petrol…). But what about European allies?? They are weak and will suffer a lot… I guess they will suffer more than Russia.
But for Capitalism there is a common “nuclear button”, the debt burble. If this economic crisis make it explode: bye bye the happy years ;-)
Liquid gas supplied by USA need lots of vessels to transport but, worse, lots of gas process plants on the Europe docks. And only Spain has a significant number of them. I don’t know, and it could be interesting, how much liquid gas can be processed right now. Or even how much gas can be moved with the existent vessels. Updated data could be appreciated :-p
The blocks (west/east) game is a silly game in the just started scarcity era. The probable end will be a nuclear war.