In response to great-power rivalry and the weaponization of interdependence, the EU has adopted a geopolitical approach to economic statecraft. To build resilience and maintain its international credibility, the union will have to balance its pursuit of economic security with broader foreign policy goals.

To fulfill its ambition of becoming an effective geopolitical power, the EU should place ecological security and diplomacy at the heart of its foreign and security policy. This approach should entail practical and innovative strategies that pursue systemic regeneration at home and abroad.

Rapidly changing global oil markets present fundamental challenges to Saudi Arabia’s ability to use its resource endowment to project global market power.

Cheap oil hurts OPEC member states in the short term. But Saudi Arabia has a long-term view, and the kingdom is trying to expand its share of the global oil market.

Sanctioning Russia’s oil remains on the table, but playing this card comes with serious economic risk for all.