Europe’s reliance on Russian energy was a central part of the leaders’ response to the invasion.
Russia threatened to cut off natural gas supplies to Europe through the Nord Stream 1 pipeline as part of a response to sanctions imposed over its invasion of Ukraine, a move that could heighten the situation. turmoil in the energy market and pushed consumer prices even higher.
Russia has the right to take actions that “mirror” the sanctions imposed on the Russian economy, Deputy Prime Minister Alexander Novak – who is also in charge of energy affairs – said in a televised address on Tuesday. end of Monday. He said a decision has not been made to shut down Nord Stream 1 and that the pipeline is currently operating “at full capacity”.
The comments come after a day of intense volatility in the European gas market, with prices at one point rising nearly 80 percent due to concerns about supply disruptions from Russia.
Europe’s reliance on Russian energy is a key element of the continent’s efforts to agree on how to respond to the Ukraine invasion. Last month, Berlin shelved the $11 billion Nord Stream 2 pipeline project, and European Union officials said they were working on a plan that could cut the bloc’s import demand by nearly 80% from Russia this year.
But many EU politicians remain wary of immediate action, one reason Germany has rejected a proposal to ban oil imports. German Chancellor Olaf Scholz on Monday said Russian oil and gas are of “essential importance” to the European economy. About 40% of EU gas imports and a quarter of EU oil come from Russia.
Novak said that Russia had other options for selling its oil if the US and EU banned Russian oil imports, and he warned that any such move could have “catastrophic consequences for the world market”. world” with prices rising to $300/barrel or more.
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