Causa oil embargo – Putin: Europe commits ‘economic suicide’

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Vladimir Putin has described European energy policy as “economic suicide” over the oil embargo on Russia. “Giving up Russian energy resources means that Europe will systematically, for a long-term perspective, become the region with the highest energy costs in the world,” the Russian president said during a session on oil economic development on Tuesday.

The energy superpower had always responded calmly to Western sanctions in the wake of Russia’s war of aggression against Ukraine, including a US ban on Russian oil imports. Overall, Russia is benefiting from high oil and gas prices. Putin said high energy prices are already reducing the competitiveness of EU industry. The country itself wants to switch more and more to Asia.

Hungary does not support EU plans
According to Putin, Europe is already losing compared to the competitiveness of other regions. This process will speed up. He said Europe is ignoring the damage to its own economy. It is clear that individual countries are so dependent on, for example, Russian oil that they cannot do without it permanently. Hungary, for example, does not support plans for an EU oil embargo against Russia.

Putin spoke of ill-considered, chaotic moves by some ‘partners’ that Russia has to take advantage of. Given the large number of sanctions that also affect the extraction technology in oil extraction, he advocated developing our own technical foundations.

Finland refuses ruble payment for Russian gas
Meanwhile, Finnish state energy company Gasum is on a confrontational course with Russian gas giant Gazprom in the dispute over Russia’s demanded payment in rubles for gas supplies. Gasum announced on Tuesday that it would not accept the demand for settlement in rubles. Therefore, there is a risk that Russia will stop its deliveries. Finland gets most of its natural gas from Russia. However, gas only covers five percent of the country’s energy needs.

The gas supply has been cut off in Poland and Bulgaria
Russia has already cut off gas supplies to Poland and Bulgaria over the rejection of its claim to the ruble. Gasum will do everything it can to secure the supply from Finland, according to CEO Mika Wiljanen. The group convened an arbitration committee to clarify the matter.

Source: Krone

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