Al Mayadeen English

  • Ar
  • Es
  • x
Al Mayadeen English

Slogan

  • News
    • Politics
    • Economy
    • Sports
    • Arts&Culture
    • Health
    • Miscellaneous
    • Technology
    • Environment
  • Articles
    • Opinion
    • Analysis
    • Blog
    • Features
  • Videos
    • NewsFeed
    • Video Features
    • Explainers
    • TV
    • Digital Series
  • Infographs
  • In Pictures
  • • LIVE
News
  • Politics
  • Economy
  • Sports
  • Arts&Culture
  • Health
  • Miscellaneous
  • Technology
  • Environment
Articles
  • Opinion
  • Analysis
  • Blog
  • Features
Videos
  • NewsFeed
  • Video Features
  • Explainers
  • TV
  • Digital Series
Infographs
In Pictures
  • Africa
  • Asia
  • Asia-Pacific
  • Europe
  • Latin America
  • MENA
  • Palestine
  • US & Canada
BREAKING
Lebanese Ministry of Health: One person was killed in an Israeli airstrike on a car in the town of Burj Qalawieh, south Lebanon.
Al Mayadeen correspondent: The first ship of the Maghreb fleet delivering aid to break the siege on Gaza departs from the port of Gammarth in Tunisia.
Channel 12: Airspace closed at Ramon Airport due to fears of drone infiltration
IOF Spokesperson: Sirens sounded over an aircraft infiltration in the Bir Ora area, and details are being examined
Drone infiltration sirens sound north of the Gulf of Aqaba
Al Mayadeen's correspondent in Gaza: The Israeli occupation carried out five extremely violent raids on the western areas of Gaza City
Al Mayadeen's correspondent in Gaza: The Israeli occupation carried out major bombings in the Gaza Strip, the most violent since October 7
Yemeni Armed Forces spokesperson Brigadier General Yahya Saree: The missile force carried out a major operation using the Palestine 2 ballistic hypersonic missile, hitting several targets in occupied Yafa.
Sirens sound in large areas of occupied Palestine after a missile launch from Yemen was detected
Al Mayadeen's correspondent: 14 martyrs arrive at al-Shifa Hospital following Israeli massacre of al-Sultan Family north of Gaza.

Russian gas will not be replaced, EU made huge mistake - Former US colonel

  • By Al Mayadeen Net
  • Source: Agencies + Al Mayadeen Net
  • 2 Mar 2022 15:14
  • 2 Shares
4 Min Read

Former US colonel Earl Rasmussen weighs in on the current Ukraine crisis, explaining the coming repercussions of European and US sanctions on the global economy and livelihoods.

  • x
  • Russian gas will not be replaced, EU made huge mistake - Former US colonel
    Sanctions will come at the cost of European economy too.

Former US colonel and Eurasia Center Vice President, Earl Rasmussen, said that the European Union's latest sanctions and economic retaliation against Russia will backfire and cause a massive recession in Europe. 

The EU has banned Russian Central Bank transactions as part of their sanctions, closed European airspace to Russian aircraft, and is working to exclude Russia from the international transaction system SWIFT. 

Read more: Why cutting Russia from SWIFT is bad for the West

 

The European sanctions, as described by European Commission chief Ursula von der Leyen, are the largest sanctions package" in EU history, admittingly saying that they will "come at the cost of our economy too."

Rasmussen, who previously said that US troop deployment to Ukraine deters efforts to solve the conflict, said that the European sanctions against Russia will throw Europe into a "historical recession."

British Petroleum will also be dumping its stake in Rosneft, a Russian petroleum company. Dutch oil company Shell also said that it will be backing out of joint ventures with Gazprom and Gazprom Neft, including the Sakhalin II project while also canceling its involvement in the Nord Stream 2 pipeline. Nord Stream 2 has recently had its license revoked by Germany. 

Rasmussen warned that the decision by Berlin, strongly pressured by the Biden administration, will send energy costs spiraling wildly out of control not just in Germany but in surrounding nations too.

Related News

US, China to resume talks in Madrid; tariffs, TikTok on agenda

China warns Philippines against provocations in South China Sea

"Energy markets will peak. My colleagues in Europe tell me that prices are already up 30%. They will go much higher, perhaps twice as high, maybe more," he said.

Read more: US, EU sanctions on Russia impact gas, oil, currency & more

 

Rasmussen stated that despite repeated assurances from Biden, Washington is in no condition to replace Russia’s plentiful and cheap supplies of natural gas to Europe with any alternative energy supply that is remotely comparable in either scale or cost.

"How will Europe replace Russia’s gas? It will not! Welcome global austerity!" he said, noting that Russia is one of the world's largest gas exporters with larges reserves. 

"EU leaders have made a huge mistake. Russian gas will not be replaced - impossible. Also, the gas [to be] replaced will be significantly more expensive, perhaps two to four times more expensive," he said.

The consequences of the sanctions implemented by the EU and US will be felt in both regions, according to the former US colonel, noting that tough times are ahead.

"We will be facing dire times ahead: Hopefully not a full-scale war which could go nuclear very rapidly but a significant global economic crisis regardless," he said.

Washington's central role in the global economy will be significantly reduced in the long term, inevitably, explains Rasmussen: "Even if we make it through, the economic system has been severely shaken by the arrogance of the United States, and the European powers which will shift more rapidly away from the dollar as a trading/currency reserve."

"Ukraine, Europe, and to some degree Russia will be challenged as well as the United States. China will likely gain the most," he added.

He went on to comment on the global blitz on the Nord Stream 2 pipeline, saying that such decisions to block the Russian megaproject may lead to chaos in US and European economies as well as societies on every level - after all, it is energy.

"Energy is essential: It impacts industrial production directly as well as the consumer. I am not sure when they will be able to recover," he explained.

Washington will not be immune to the aftermath of these steps, which are destructive economic forces. 

"Russia is one of the largest gas and oil producers. The magnitude of their reserves and export capacity is nearly impossible to replace and a replacement will be significantly more expensive," he concluded.

  • United States
  • US sanctions on Russia
  • Russia
  • Gazprom
  • Ukraine
  • Nord Stream 2
  • Earl Rasmussen
  • European Union
Russia & NATO

Russia & NATO

As the Draconian Western-led sanctions on Russia exacerbate the economic crisis worldwide, and as Russian troops gain more ground despite the influx of military aid into Ukraine, exposing US direct involvement in bio-labs spread across Eastern Europe and the insurgence of neo-Nazi groups… How will things unfold?

Most Read

The damaged building in the Katara neighborhood, Doha, Qatar, September 9, 2025 (Social media)

Hamas delegation survives Israeli assassination attempt in Qatar

  • Politics
  • 9 Sep 2025
Israeli police and rescue teams respond at the scene of a shooting attack where several people killed and injured in Jerusalem, Monday, Sept. 8, 2025 (AP)

Al-Quds shooting: 7 settlers killed, several critically injured

  • Politics
  • 8 Sep 2025
Pro-"Israel" conservative Charlie Kirk shot during Utah speech

Pro-'Israel' far-right Charlie Kirk shot dead during Utah speech

  • US & Canada
  • 11 Sep 2025
Uprising against Volker Turk at the Human Rights Council over Gaza.

Uprising against Volker Turk at the Human Rights Council over Gaza

  • Politics
  • 12 Sep 2025

Coverage

All
The Ummah's Martyrs

Read Next

All
People protest against Israeli Prime Minister Benjamin Netanyahu during the 79th session of the United Nations General Assembly, in New York, on Friday, September 27, 2024 (AP)
Politics

'Israel' stops unfunded diplomacy ahead of UN, October 7 memorial

An Israeli Air Force fighter jet releases flares over the Gaza Strip, is seen from southern occupied Palestine, Thursday, May 8, 2025 (AP)
Politics

OIC summit draft: Israeli attack on Qatar risks normalization

People shout slogans and hold Palestinian flags while protesting during the twenty-first stage of La Vuelta cycling race from Alalpardo to Madrid, Spain, Sunday, Sept. 14, 2025. (AP)
Sports

Pro-Palestine protests force abrupt end to Vuelta a España finale

Damage is seen after an Israeli strike targeted a compound that hosted Hamas' political leadership in Doha, Qatar, on Wednesday, September 10, 2025 (AP)
Politics

Israeli regime faces growing isolation over Qatar strike: Reports

Al Mayadeen English

Al Mayadeen is an Arab Independent Media Satellite Channel.

All Rights Reserved

  • x
  • Privacy Policy
  • About Us
  • Contact Us
  • Authors
Android
iOS