Another day, another (so far unfulfilled) promise by Vladimir Putin to move his troops back from the border of Ukraine. Meanwhile his proxies continue to try to exert influence in eastern Ukraine as Crimea becomes a fully fledged part of the Russian empire.
In assessing the motives for Russian action, a lot of the explanation has rightly focused on Putin’s need to stoke nationalist sentiment to bolster his own popularity and on his need to destabilize the emerging pro-Western government in Kiev lest it take Ukraine too far into the Western camp. But a good Marxist–which Putin once was–would never overlook an economic motive for imperialist aggression.
The New York Times notes that, in addition to all the other benefits that Russia accrues from Crimea, it is potentially an oil and gas bonanza. By seizing Crimea, Russia has also vastly expanded its maritime rights in the Black Sea, opening up access to energy deposits across 36,000 square miles of water worth potentially a trillion dollars. Meanwhile the loss of Crimea denies Ukraine pretty much all claim to those same rights. Russia has even taken control of the Crimean arm of Ukraine’s national oil company, which was already exploring for oil in the area.
In short there are some uncomfortable echoes here with Iraq’s invasion of Kuwait in 1990 which, if allowed to stand, would have vastly bolstered Saddam Hussein’s oil reserves. It was not allowed to stand, but the annexation of Crimea already looks like a fait accompli.
This makes it all the more imperative to impose stronger sanctions on Russia to make it more difficult to deploy the technology and resources it needs to exploit its ill-gotten gains.