Russia’s president has indicated that buying energy resources from the United States will be “several times more expensive” for Europe. The ECB president has admitted that a boycott of Russian energy would have major consequences for the European economy.
Vladimir PutinPresident of Russia, has warned against the high costs for Europe without the energy of its country The mere discussion of an embargo on Russian oil and gas has skyrocketed prices and destabilized the market.
Putin says attempts by western countries to drive Russian suppliers out of the market are “inevitable” affect the entire global economy
The consequences could be “very painful”, according to the Russian president, “especially for those who promote this policy”, referring to the European Union, which is studying a sixth package of sanctions against Russia, including an embargo on oil imports from Russia.
So-called partners from unfriendly countries admit that they cannot do without energy sources, including natural gas there is now no reasonable replacement for Europesaid Putin.
Energy prices in Europe have risen sharply after the invasion of Ukraine. As indicated Christine LagardePresident of the European Central Bank (ECB), cost 45% more today than a year ago and are the main driver of high inflation in the eurozone, 7.5% in March.
The ECB president has himself admitted that “an abrupt boycott of Russian energy would have a significant impact on the eurozone”.
Hydrocarbons from the United States would be “several times more expensive”
Putin believes the replacement of Russian gas is “possible”, but not yet, as “everyone knows there are simply no free volumes available at the moment” that Europe could acquire as an alternative.
“And the supplies from other countries, first of all from the United States, which can be shipped to Europe, will be many times more expensive for consumers, will be reflected in people’s living standards and in the competitiveness of the European economy he predicted.
“European countries talk about refusing Russian deliveries, driving up prices for their citizens”
Putin added that despite the obvious situation, “European countries are constantly talking about refusing Russian deliveries, which further destabilizes the market and they themselves, with their own hands, drive up prices, mainly for their citizens.”
According to Putin, the West is trying to “cover up its own miscalculations” with its green transition agenda and “blame Russia for everything”. In fact, he assured that the EU is now ready to “give up its green agenda and go back to betting on energy with a high carbon footprint”.
Russia looks to the east
In these circumstances, Russia must “diversify exports,” said Putin, who, given the European Union’s intentions, plans to place its gas in Asia.
“We assume that in the near future the supply of energy sources will decrease in the western direction. It is therefore important to reinforce the trend of recent years: step by step reorient our exports towards the markets of the south and east, that grow quickly,” he said.
Source: EITB
I’m Wayne Wickman, a professional journalist and author for Today Times Live. My specialty is covering global news and current events, offering readers a unique perspective on the world’s most pressing issues. I’m passionate about storytelling and helping people stay informed on the goings-on of our planet.
