Russian President Vladimir Putin began his fourth term on Monday with an unexpected weapon in his arsenal against Western sanctions: higher oil prices. The price of oil is the highest it has been since 2014, pouring much-needed money into government coffers and giving Mr. Putin extra room to maneuver amid growing tensions with the West and protests at home. Mr. Putin’s foreign policy has put Russia on a confrontation course with the West over conflicts in Syria and Ukraine and allegations that Moscow meddled with the 2016 U.S. presidential election. But Mr. Putin believes Russia is for now over the worst effects of U.S. and EU sanctions and that higher oil prices will help buffer against any future penalties, analysts said. “He thinks that the Russian economy has stabilized and sees Russia now in a long-term battle of wills with the West,” said Timothy Ash, senior strategist at […]