Putin says Russia is not using gas as a weapon, is ready to help Europe
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Russian President Vladimir Putin speaks during the plenary session at Russian Energy Week, October 4, 2017, in Moscow.
Mikhail Svetlov – Getty Images Europe | Getty Images Europe | Getty Images
Russian President Vladimir PutinHe stated Wednesday that Russia is ready to assist the region in its ongoing energy crisis.
Putin stated to CNBC that Russia does not use weapons. Putin stated, “Even through the most difficult parts of Cold War Russia has consistently fulfilled its contractual obligations to supply gas to Europe.”
Describing reports that Russia has withheld gas supplies to Europe, Putin called such accusations as “politically-motivated blather” and there was “nothing to support it [the idea]That energy is a weapon. He stated that Russia was expanding its energy supplies to Europe.
Putin made these comments as part of a panel moderating by Hadley Gamble, CNBC at Russian Energy Week.
The panel includes CEOs from ExxonMobil BP TotalEnergiesMercedez-Benz said that Putin did not believe Europe could “shift blame” on the regional energy crisis. He also stated that European countries hadn’t done enough in summer to restore gas reserves.
He stated that higher gas prices in Europe were a result of an energy deficit and not vice versa. “This is why we shouldn’t deal with blame shifting. This is what our partners want to do,” he said to delegates. Russian Energy WeekMoscow’s annual festival, now in its twenty-year anniversary.
“The European gas market doesn’t look well-balanced, predictable,” he stated. He also added that while not everything depends on producers, the role of the gas consumers is no less important.
Putin indicated that Russia is ready to fulfil its obligations under its contract supply and was open to discussing additional cooperation and actions with European partners.
It is an event where Putin presents his energy strategy for Russia’s economy. Experts discuss politics, investment, climate change and risks to international growth.
He made these comments as Europe grapples with a natural-gas crisis. This follows weeks of increasing prices and worries ahead of winter.
Gazoo
Putin suggested last week that gas supplies be increased to the region. This helped stabilize prices. But, Russia has denied that critics of its leadership claimed Russia intentionally undersupplied markets to make the crisis worse.
Putin stated that European energy markets were being overwhelmed by “hysteria,” and that insufficient investment had led to the inability of the industry to grow. The world also needs a faster transition from green energy technology.
Experts suspect Russia may have been limiting gas supply to Europe to try to pressure Germany into speeding up certification of Nord Stream 2, which will increase gas supplies via the Baltic Sea.
One of its most prominent opponents is the United States, as well as Poland and Ukraine in eastern Europe, who argue that the pipeline will increase Europe’s dependence upon Russian energy supplies. This could also lead to a decrease in energy security for the region.
Dmitry Peskov (Kremlin spokesperson) stated Wednesday that Russia is supplying European gas at the highest levels according to existing agreements. according to the TASS news agency. He said that Moscow is ready to expand gas transit through Ukraine, if the EU increases its purchase.
Russia is the third-largest producer of fossil fuels worldwide and accounts for over 40% of EU’s annual gas imports, according to Eurostat.
Russia is a major energy exporter in the world, which puts it in both a strong and weak position. Russia is able to (and does) make use of its resources to boost government revenues. However, due to the shift from fossil fuels towards greener energy and technology in many parts of the world, it may find less demand for its resources.
Learn more 5 charts show Russia’s economic highs and lows under Putin
Putin has been Russia’s president for more than 20 years. He alternated between prime minister and president. Now, Putin is at the helm of this larger global transition.
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