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Russia says Europe faces $400 billion in costs from higher energy prices

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Russia’s government promised on Thursday to speed up talks on increasing gas sales to China and warned that Europe would pay a high price for its embargo against Russian oil.

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Deputy Prime Minister Alexander Novak said Europe would pay $400 billion more in energy prices and could face shortages of oil products. He did not give a time frame.

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

EU leaders have agreed to an embargo on Russian oil sales that they say could cut off 90% of Russian crude exports to Europe. Novak predicted that the plan to cut hydrocarbon imports could lead to a shortage of oil products on the European market.

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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 Europe’s energy exports to countries like China and India to cover the loss of lucrative European sales.

However, Novak noted that Russia’s energy infrastructure – most of which is aimed at supplying its western neighbors – would need to be developed to ensure that pipelines and supply routes can reach new markets and ship larger volumes.

Deputy Prime Minister Alexander Novak said Europe would pay $400 billion more in energy prices and could face shortages of oil products. He did not give a time frame.

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

EU leaders have agreed to an embargo on Russian oil sales that they say could cut off 90% of Russian crude exports to Europe. Novak predicted that the plan to cut hydrocarbon imports could lead to 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 Europe’s energy exports to countries like China and India to cover the loss of lucrative European sales.

However, Novak noted that Russia’s energy infrastructure – most of which is aimed at supplying its western neighbors – would need to be developed to ensure that pipelines and supply routes can reach new markets and ship larger volumes.

Source: Gestion

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