Europe would pay US400,000 million more for energy


Moscow has vowed to speed up talks on increasing gas sales to China and warned that Europe will pay a high price for Russia’s oil embargo.

Deputy Prime Minister Alexander Novak said Europe will pay about $400 billion more in energy prices and face shortages of oil products. He did not give a deadline.

Russia relies heavily on its energy exports for its financial health, and more than half of the European Union’s (EU) gas imports come from Russia, leaving the bloc exposed to any supply disruption.

EU leaders agreed to an embargo on Russian oil sales that would cut off 90% of Russian crude exports to Europe. Novak predicted that the plan to cut hydrocarbon imports will cause a shortage of oil products on the European market.

Speaking at Russia’s main international economic forum in St. Petersburg, he also blamed poor planning for energy security in the United States and Europe for record pump prices and rising inflation.

Russia claims it can divert energy exports to countries like China and India to cover lost European sales.



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