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
Algerian Foreign Ministry: The Algerian President directs Foreign Minister Ahmed Attaf to head to Niamey as soon as possible
Algerian Foreign Ministry: Niger’s acceptance of the Algerian initiative strengthens the option of a political solution to end the crisis
Algerian Foreign Ministry: Algeria received official approval from Niger concerning the Algerian mediation initiative to resolve the crisis
Armenia says Azerbaijani forces open fire in border region
Al Mayadeen's correspondent: Israeli Supreme Court decides to return the case of prisoner Kayed al-Fafsous to the Military Court of Appeals
Egyptian media, citing medical sources: Ambulances transported about 100 injuries to hospitals as a result of the Ismailia Security Directorate fire
Egyptian media: The number of people injured in the Ismailia Security Directorate fire has risen to 21 people, some of whom are in critical condition.
Turkey carried out air strikes in northern Iraq and destroyed 20 PKK targets: Turkish MoD
Al Mayadeen's correspondent: Turkish warplanes carry out an air strike that targeted the Matin area in Dohuk, northern Iraq
Israeli media: The settlers wrote the word “revenge” in the site and uprooted dozens of olive trees

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
  • x

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.

  • 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

Sec Austin assures Ukraine of US support over phone call

US temporary aid drop to Ukraine 'a show for the public': Ryabkov

"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

BBC from the front lines in Ukraine: It's bad, counteroffensive failed

BBC from the front lines in Ukraine: It's bad, counteroffensive failed

  • Europe
  • 28 Sep 2023
Who Would Ally with the West: ‘It’s Boring – The Real Excitement is in Asia’

Who Would Ally with the West: ‘It’s Boring – The Real Excitement is in Asia’

  • Analysis
  • 30 Sep 2023
US President Joe Biden and Ukrainian President Volodymyr Zelensky

'Not 1 more cent': Americans are done with funding Ukraine's paychecks

  • Europe
  • 30 Sep 2023
Austrian Chancellor Karl Nehammer tells low-income families to buy their children McDonald's burgers.

Austria Chancellor's solution to poor families: McDonald's burgers

  • Europe
  • 29 Sep 2023

Coverage

All
Morocco & Libya Disasters

Read Next

All
Egypt's Ismailia police HQs engulfed with fire (Social media)
MENA

Massive fire engulfs Egypt's Ismailia police HQs, injures dozens

trump
US & Canada

Donald Trump's civil fraud trial opens; business empire at risk

Visitors look at projected paintings and drawings at the Van Gogh exhibit during a preview of the digital exhibition titled "Infinity des Lumieres" in Dubai, in the United Arab Emirates, on June 28 , 2021. (AFP)
Europe

AI, VR unite to depict Van Gogh's 'mental struggle' in final works

A child being treated in a makeshift ICU bed in California in 2023 (AFP via Getty Images)
US & Canada

Children are dying in US hospitals plagued with ill-prepared ERs: WSJ

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