Russia: UK fracking plans 'plays into Putin' says McCarthy
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The EU is reportedly drafting up plans to permanently slash energy ties with Russia, which currently supplies it with 40 percent of its gas. According to a leaked document seen ahead of an “informal meeting “ on Thursday, the 27 EU members have “agreed to phase out all use of Russian gas and oil”. But the plot to permanently scupper ties with Putin could backfire.
Russia’s Deputy Prime Minister Alexander Novak warned that Putin can hit the block where it hurts in a stark warning.
He told Russian state television: “European politicians need to honestly warn their citizens and consumers what to expect.
“If you want to reject energy supplies from Russia, go ahead. We are ready for it. We know where we could redirect the volumes to.”
The Russian official added the Kremlin could “mirror” the EU’s move to block oil and gas immediately.
It comes after Russia had already shown it was willing to send lower volumes of gas to Europe, sending gas flowing through the Yamal-Europe pipeline in reverse for months.
The moves sent prices skyrocketing to record highs, impacting energy bills in Britain too.
Energy bills have already been soaring for millions of British households, with the energy price cap (maximum tariff) set to rise by 50 percent to £2000 in April.
And there are even fears this could later skyrocket to £3,000 according to some estimates.
While the UK only gets three percent of its gas directly from Russia, it does indirectly purchase Russia’s gas from the Netherlands and Belgium.
And because gas is an integrated and global market, the shocks in price are certainly felt in Britain, despite the fact most of its gas imports come from Norway.
Now, Russia has threatened to cut even more gas, this time not even mentioning any contractual obligations.
Mr Novak said: “In connection with … the imposition of a ban on Nord Stream 2, we have every right to take a matching decision and impose an embargo on gas pumping through the Nord Stream 1 gas pipeline.
“So far we are not taking such a decision, but European politicians with their statements and accusations against Russia push us towards that.”
Nord Stream 2 was a planned £8billion gas pipeline that was set to transit gas from Russia to Germany via the Baltic Sea bypassing Ukraine and Poland.
German Chancellor Olaf Scholz pledged not to certify the pipeline to sanction Russia for invading Ukraine.
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But Nord Stream 1 still leaves the EU vulnerable to a Russian gas squeeze after the bloc’s threat.
The pipeline is the longest sub-sea pipeline in the world at 222 km (759 miles).
In 2021, 59.2 billion cubic meters was exported to Germany through the pipeline.
Russia argued that Nord Stream 2 would have doubled gas exports to Europe, and would have been able to ease the energy crisis by bringing prices down.
And It reacted furiously to Germany’s decision to scrap the project, warning that high prices would persist as a result.
Dmitry Medvedev, a Russian Government official, wrote on Twitter: “German Chancellor Olaf Scholz has issued an order to halt the process of certifying the Nord Stream 2 gas pipeline.
“Well, welcome to the brave new world where Europeans are very soon going to pay €2,000 (£1,660) for 1,000 cubic meters of natural gas.”
The US is also reportedly planning to slash its energy ties with Russia, with a plot to ban oil imports.
Russia has warned this would lead to “catastrophic consequences for the global market”.
“The surge in prices would be unpredictable. It would be $300 (£228.85) per barrel if not more.”
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