Russia is the largest oil supplier in Europe.
(Photo: AFP)
Moscow After the start of the war against Ukraine, Russia openly threatened to stop gas deliveries through the Nord Stream 1 pipeline in the Baltic Sea for the first time. “We have every right to make a ‘mirror-fair’ decision and to issue an embargo on the transit of gas through the Nord Stream 1 pipeline, which today has a maximum capacity of 100 percent,” said Russian Deputy Prime Minister Alexander Novak in a speech broadcast on state television on Monday evening.
He commented on the stopped Nord Stream 2 line, which Russia is trying to put into operation. “But we’re not making that decision yet. Nobody wins,” said Nowak. However, Russia now sees itself pushed in this direction by European politicians and their accusations. The federal government stopped the controversial pipeline after Russia invaded Ukraine on February 24.
Nowak said that Russia follows the statements of Western politicians who want to break away from Russian gas and oil. The EU politicians are now overheating energy prices through their actions.
Russia is the largest oil supplier in Europe – with 30 percent of the annual consumption of 500 million tons. “It is perfectly obvious that giving up Russian oil will lead to catastrophic consequences on the world market,” emphasized Nowak. He predicted oil prices of around US$300 per barrel. “European politicians should honestly warn their citizens and consumers that the prices for fuel, electricity and heating will then skyrocket.” The raw material power is prepared and will find other sales markets than Europe and the USA, said Nowak.
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“Europe currently consumes 500 billion cubic meters of gas a year, 40 percent of which is secured by Russia,” explained the politician. 60 billion cubic meters of gas flowed through Nord Stream 1 alone every year. The country has always delivered reliably throughout all crises and also continues to route gas through Ukraine and via other routes to Europe.
In his speech, Nowak warned that the nationalists could attack the transmission system during the fighting in Ukraine. Russia will do everything to prevent an escalation.
More: US advances plans to boycott Russian oil – Russia warns of oil price “of $300 a barrel”