Russia Ready to Help Europe on Gas Crisis
2 Min Read
Russia is ready to help Europe overcome its gas crisis and on reaching energy security, Foreign Minister Sergey Lavrov said.
-
Russian Foreign Minister Sergey Lavrov (AFP)
Russia is ready to help Europe overcome its energy crisis, Russian Foreign Minister Sergey Lavrov said, stressing that the European Union must take steps in this regard.
During his meeting with the Association of European Businesses on Friday, he said Russia and the European Union must closely and systematically cooperate on energy. "Russia wants to achieve collective energy security," he added.
Lavrov also reflected on the surging fuel prices, especially natural gas and power prices in EU countries, stressing the need for cooperation between Russia and the EU.
Nord Stream 2 and TurkStream were among the topics addressed by the top Russian official, highlighting their importance in the path toward energy security in Europe. "They were designed, agreed upon, and approved, and implemented to diversify energy sources in order to enhance energy security."
Lavrov saw that the actions of the European Commission and the United States against Nord Stream 2 were among the reasons behind the ongoing crisis in Europe.
He also asserted that Russia is unable to increase its energy supply to Europe without the signing of contracts. The Russian stance comes as gas prices are surging in Europe, rising by 25% with the increase in demand.
According to trading data on the ICE Futures, the price of gas futures contracts in Europe reached a record high, and for the first time in history, exceeded $1,300 per thousand cubic meters, according to trading data on the ICE Futures platform.
Russian President Vladimir Putin had previously highlighted ongoing problems in the European fuel markets. He stressed that they must smoothly transition to alternative energy sources.
The hike in the gas prices was partly due to the increase in demand, especially from Asia, where economies were in deep slumber due to the COVID-19 pandemic. The cold winter and spring also led to the depletion of stocks.
At the same time, low domestic oil production and adverse weather conditions in the United States led to an unbalanced gas market. That made it difficult to restock gas supplies ahead of the upcoming winter.
