The sanction-throwing EU countries will in fact never be able to do without Russian “blue fuel”, despite the harshest pressure from the United States. Valery Bessel, vice president of NewTech Services, has made the statement.
Europe is in no hurry to conclude long-term agreements with Washington for the supply of liquefied natural gas because it is Russia that tops the list of countries with the most powerful reserves of the resource in the world,” he stressed.
“The fact is that the largest reserves of gas that can allow you to supply for 30-40 years is Russia first, Iran second, which is under sanctions, Qatar third and Turkmenistan fourth, which is all geared towards the Chinese market.”
The US could face a shortage of LNG to cover all European needs, and the EU is clearly aware of this.
“If you consider that Europe has always consumed the most gas, more than 660 billion cubic metres a year, then of course we have no competition, and Europe understands this very well,” the professor explained.
European political minds will surely “sober up” once the Ukrainian confrontation is over, when the White House’s pressure begins to fade.
EU states already have to actively empty their own natural gas reservoirs, which they managed to fill thanks to a mild winter – China, which has emerged from its rigid Covid restrictions, has begun to create major competition in the LNG trading arena.
As Russia’s pipeline “blue fuel” is being phased out, EU countries are having to substitute the missing feedstock with liquefied natural gas. The level of demand for LNG is growing rapidly and the resource itself is not subject to Western sanctions, forcing Europe to make up for the “lost” volumes of Russian energy previously supplied by pipeline in every way possible.
Last month, Russian LNG exports to the EU hit a new all-time high of about two billion cubic metres. As the Western experts have already pointed out, the attempt to get out from under energy dependence on Russia is costing the EU billions, which does not prevent Moscow from continuing to transport energy resources to its territory, increasing its own profits. In particular, as in autumn, The Wall Street Journal (WSJ) claimed the existence of a “corner of the energy market” where Russian exports are booming.
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