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European fuel fears | Reuters”/>
Russia blames the gas pipeline disruption on sanctions. The Kremlin accused the West of causing Europe’s biggest gas supply crisis in history on Monday, warning the Group of Seven advanced countries that Moscow will react over its decision to impose a price restriction on Russian oil.
President Vladimir Putin claims that the United States and its allies have waged economic war on Russia with the most severe sanctions in modern history, threatening an energy catastrophe as a result of his February 24 decision to invade Ukraine.
Customers in the European Union have committed to reducing their dependency on Russian energy since the war began. Russia has restricted or shut down supply on three of its largest westward gas pipelines, while oil shipments have been shifted eastwards.
The Nord Stream 1 pipeline, Europe’s primary supply route, was shut down on Friday by Russian gas giant Gazprom (GAZP.MM) due to an engine oil leak at a compressor plant, sending wholesale gas prices rising.
According to the Kremlin, sanctions are interfering with Siemens Energy (ENR1n.DE), which provides and repairs pipeline equipment, from assisting in the repair of the engine oil leak.
When asked if Nord Stream would restart operations if sanctions were lifted, Peskov replied, “Definitely.”
The EU has consistently rejected Moscow’s stance, accusing it of weaponizing energy supplies, and a German government official said on Monday that the new gas price increase was part of Putin’s agenda.
The Kremlin also threatened to respond to a G7 plan to impose a price restriction on Russian oil, a move that is unlikely to harm Russia unless China and India follow suit. more info
Russia is the world’s second largest oil exporter after Saudi Arabia, and it also exports the most natural gas and wheat. Russia supplies around 40% of Europe’s gas and 30% of its oil.
The Kremlin accused Europe’s political elites of driving up energy prices.
Source: Reuters
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