The West is trying to become independent of Russian energy

Yesterday, US President Joe Biden announced a ban on the import of oil and gas from Russia. With this step, as Biden stressed, the Americans have dealt another powerful blow to Putin’s leadership. “We will not take part in subsidizing Putin’s war,” he said.

She hastened to welcome this unprecedented step against Russia. “It is very clear that every penny paid to Russia turns into bullets and shells, which are directed against other sovereign states. “Either Russia will respect international law, it will not go to war, or it will not have the money to go to war,” said Ukrainian President Vladimir Zelensky.

The decision of the President of the United States was followed by the announcement of the British government, which “intends to stop the import of Russian oil” by the end of 2022. Russian oil accounts for 8% of British consumption.

He also presented a plan to reduce dependence on Russian energy, the European Union, trying to reduce demand by two-thirds by the end of the year. This program was approved by the Council of European Commissioners during a meeting in Strasbourg yesterday. “We must become independent of Russian oil, coal and gas. “We just can not count on a supplier who openly threatens us,” said European Commission President Ursula von der Leyen.

The program is yet to be discussed at the informal EU summit to be held in Versailles on March 10-11. Germany, which already has the largest economy in the bloc, as well as the Netherlands, opposes it, arguing that Russian energy is vital to Europeans’ daily lives, and that such a ban would undermine Europe’s energy security.

Especially Germany’s dependence on Russian gas is very big, it is not a secret that any restriction in that issue will hit Germany hard. Moscow is already threatening to close its main gas pipeline to Germany if the West refuses Russian blue fuel “gold”. It should be reminded that Berlin has suspended the certification of the “North Stream 2” gas pipeline, but Russian gas continues to reach the countries of the world through other routes.

Russia is the third largest oil producer in the world, after the United States and Saudi Arabia. The country exports about 4.5 million barrels of oil per day, half of which goes to Europe. The United States has the least dependence on Russian oil – in 2020 that demand was only 3%.

As for Russian blue fuel, Gazprom exported 185.1 billion cubic meters of gas last year, մոտ About 40% of the total volume of natural gas imported to the European Union comes from Russia. In case of closing that tap, Italy and Germany will suffer greatly.

The United States does not buy gas from Russia, but prices in both the United Kingdom and the United States are still quite high due to supply disruptions in other parts of the world.

Russian Deputy Prime Minister Alexander Novak has stated that the rejection of Russian oil will lead to “catastrophic consequences for the world market” – the price per barrel may exceed $ 300. Oil prices reached $ 130 a barrel on Tuesday. If Russian export disruptions continue, JP Morgan predicts that by the end of 2022, oil prices could reach a record $ 185 per barrel. Especially at the price forecast by Moscow, the countries dependent on Russian gas will have to look for an alternative, which, however, is a difficult and time-consuming process.

Searches such as Washington have not yielded results yet. According to sources in The Wall Street Journal, Saudi Arabia has rejected a request by the US government to curb oil production. The United States is now trying to persuade Venezuela, once the main supplier of oil to the United States, but due to the internal political crisis in that country, Washington has imposed tough sanctions on Caracas, it is not yet known how the Maduro government rejected by the United States will react. In the case of Europe, Qatar, Algeria or Nigeria are considered alternatives, but there are practical obstacles to the rapid expansion of production.

By Editor

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