Vladimir Putin started his fourth term as Russia’s president by promising ambitious new social programs ( Kremlin.ru, May 7 ). He may be able to deliver on these promises because the price of petroleum, one of the mainstays of Russia’s state budget, has risen steadily. A barrel of oil, which was $30 two years ago, fetched $70 this week. Another reason Putin may be optimistic is Germany’s unswerving support for Nord Stream Two, the undersea Baltic pipeline that will supply Russian natural gas directly to Germany and other parts of Europe. Nord Stream Two will double the capacity of the previously built Nord Stream One pipeline from 55 to 110 billion cubic meters per year. German Chancellor Angela Merkel’s government has backed the Russian-led project, despite protests from the European Union and several EU member states. At the same time, Russia’s state-owned Gazprom is building a pipeline that will […]