Brussels, 31/07/2014 (Agence Europe) - Despite the new raft of economic sanctions against Moscow decided on by the EU on Wednesday 30 July, with effect from 1 August (see EUROPE 11132), European Commissioner for Energy Günther Oettinger said on Thursday 31 July that he was convinced that Russia would continue to supply Europe with gas, adding that the EU is well prepared to face any interruptions to supply.
“The Russians themselves have an interest in the delivery. They need the revenue for their state budget every day. Gazprom depends on selling gas to Europe. The Russians have invested billions in gas pipelines”, Oettinger said on German television. “I believe that the dependency is mutual and that the daily gas contracts will be respected”, he added.
He went on to say that Europe would be able to handle the situation, even if Russia were to interrupt deliveries. “We have filled our gas tanks well and can live without any imports for many days. We have prepared a thorough strategy on how to survive in the energy market in the short term on the long term, regardless of what Russia is doing”, he said, referring to Norway and Algeria as possible alternatives for gas supply, as well as imports of liquid natural gas (LNG) by boat.
Following the EU's adoption of economic sanctions against Russia, including restrictions on access to EU capital markets, an embargo on the import and export of weapons and related materials and a limit on exports of certain energy-related equipment and technology, Moscow warned on Wednesday that the European sanctions would lead to higher prices on the European energy market. Europe imports one third of the gas it consumes from Russia. (EH)