Africa-Press – Eswatini. Russian Deputy Prime Minister Alexander Novak warned on Friday of Europe’s difficulties in replacing Russian gas and oil for five to ten years and that sanctions are putting unprecedented pressure on the world economy.
“The situation is evolving according to the principle of a ‘boomerang’: the negative consequences have affected precisely those countries that promoted sanctioning restrictions”, wrote Novak, responsible for the energy sector, in an article in a sector magazine, quoted by the agency. Eph.
The Deputy Prime Minister pointed out that the high volatility and the increase in energy resource prices were the “immediate response” to the uncertainty caused by the sanctions imposed on Moscow. “As a result, the prices of the main energy resources reached record highs in March on a matter of hours,” he added.
According to Novak, the European Union (EU) intends to dispense with Russian gas and diesel in the short term without having secured alternative supplies.
“The main players in the sector agree that it will be difficult to fully replace Russian oil and gas within five to ten years,” he said.
“Due to the turmoil created in the energy resources market by the Europeans themselves, EU politicians now urgently need to look for alternative energy sources to those of Russia,” he said, assuring that there is currently no rational alternative to Russian supplies.
For Novak, it is “impossible to talk about energy security” in Europe without Russian resources, given the market share.
The EU has adopted five sanctions packages against Russia since 22 February.
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