Russia warns that Europe’s refusal to buy Russian gas may lead to a sharp rise in prices

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The Russian Foreign Ministry issued a strong warning, on Sunday morning, regarding the European Union’s attempts to limit the purchase of liquefied natural gas from Russia, as it warned that this step could lead to a sharp rise in gas prices, considering this as a shooting in the foot by the EU.

According to Russian Foreign Ministry official, Artyom Studnikov, “the European Union’s attempts to abandon dependence on Russian gas will cause negative repercussions on the European economy”.

Studnikov stressed that the lack of full cooperation with Russia in the field of energy will negatively affect industrial production, corporate competitiveness and export opportunities, noting that natural gas is considered essential to the European economy.

Studnikov pointed out that Belgium, which imports 80% of its gas needs, is an example of European dependence on Russian gas as part of diversifying energy sources.

Studnikov spoke of a significant increase in France’s purchases of Russian gas during the first nine months of 2023, as these purchases increased by 41% compared to the same period of the previous year.

Since the beginning of the conflict between Russia and Ukraine in 2022, the European Union has begun a search for alternatives to Russian gas, which has led to gas prices rising across Europe.

Concurrently, Europe has generally reduced its imports of Russian gas via pipelines, while increasing purchases of LNG from other producers in 2023.

Russian warnings come in the context of escalating tensions between Russia and the West, and escalating geopolitical and economic conflicts.

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