Stock Groups

U.S. seeks to protect Europe’s energy supplies if Russia invades Ukraine -Breaking

[ad_1]

4/4
© Reuters. Ukrainian soldiers unload military aid as part of United States of America’s security assistance to Ukraine. This was done at Boryspil international Airport, Kyiv. REUTERS/Gleb Garanich

2/4

Humeyra Pouk, Steve Holland, Dmitry Antonov

WASHINGTON/MOSCOW – Western leaders increased preparations to deal with any Russian military attack in Ukraine. On Tuesday, the United States focused on energy supply security while Britain urged European countries to implement economic sanctions.

Tensions were high after NATO stated Monday that its forces would be on standby, and it will reinforce Eastern Europe with more fighter jets and ships as a response to the Russian troop buildup at its border with Ukraine.

Russia denies any intention to launch an attack and said it is watching the situation with “great concern”. Dmitry Peskov (Kremlin spokesperson) reiterated Moscow’s assertion that the Russian troops are not responsible for the Russian troop increase, but U.S.- and NATO-led actions.

Both the United States of America and the European Union threatened economic sanctions against Russia if it invades. Western leaders insist unity is key, but differences exist among European countries over how to best respond.

Boris Johnson, British Prime Minster, said that “it is vital that…the West be united now” because it will be our unity that is more effective in deterring Russian aggression.

He stated that Britain had been discussing with America the possibility of banning Russia the Swift global payment system. It is one of the many possible sanctions against Moscow in case it goes on an offensive.

Washington: Senior Biden Administration officials stated that the United States is in discussions with energy-producing nations and corporations around the globe about a possible diversion of supplies for Europe in the event Russia invades Ukraine.

The officials spoke to journalists on a conference call and did not identify the companies or countries involved in the discussions to safeguard supplies to Europe. However, they said that there was a wide range of suppliers including those who sell liquefied gas (LNG).

Under anonymity, a top administration official stated that “We have been trying to find additional volumes of non Russian natural gas from many areas of the globe; from North Africa and Middle East to Asia as well as the United States.”

“Correspondingly we are… in talks with major natural gas producers across the globe to understand and accept temporary surges of natural gas production and allocate this volume to European buyers.

Around a third (or more) of the gas supply to Europe comes from Russia. An interruption in Russia’s supply of gas to Europe will only exacerbate the existing energy crisis that has been caused by gas shortages.

The official stated that “To make sure Europe can weather the winter and spring,” he added.

MILITARY ASSISTANCE

Russia is stationed near Ukraine with tens to thousands of troops and demands security assurances from the West. This includes a guarantee by NATO that Ukraine will never be admitted. Moscow views the former Soviet Republic as a buffer for NATO members.

Recent volatility in oil and financial markets has been a result of the tensions surrounding Ukraine. A escalating conflict between Russia, Ukraine will likely increase energy prices for many countries and keep headline inflation rates high for longer, stated Gita Gopinath First Deputy Managing director of the International Monetary Fund.

Canada announced that it is temporarily withdrawing the families of diplomats from Ukraine. Sweden’s foreign minister said it advised against travel to Ukraine.

According to the U.S. State Department, diplomats are being ordered by their families to evacuate. Britain also announced that it was withdrawing certain staff members and dependents of its Kyiv embassy.

In the last year, more than $650million of US security assistance was provided to Ukraine. This is in addition to more than $2.7billion since 2014, when Russia annexed Ukraine’s Crimea Peninsula.

The third shipment in a package of $200 million to help Ukraine, saw a U.S.-flight carrying military equipment as well as munitions land at Kyiv Tuesday.

On Monday, the U.S. Department of Defense stated that approximately 8500 U.S. soldiers were on high alert and awaiting orders for deployment to the region in case Russia invades Ukraine.

NATO is home to approximately 4000 troops, with multinational battalions and support from tanks, air defenses, intelligence, surveillance, and aircraft.

According to U.S. officials, Monday’s announcement by the Pentagon indicated that they were finalizing efforts to determine which units it might deploy to NATO’s eastern flank.

[ad_2]