The European Union has suggested member countries reduce fuel consumption by 15% through March, in a contingency plan announced on Wednesday as Western Europe prepares for an imagined extended closure by Russia of the Nord Stream 1 pipeline, the largest pipeline to Europe.
The closure of Russian fuel is a “likely scenario,” European Union Commission President Ursula von der Leyen said at a convention on Wednesday, more than a week after Russia shut down the Nord Stream I pipeline, which transports Russian herbal fuel across the Baltic Sea. maintenance.
The maintenance shutdown has raised fears that President Vladimir Putin could make the shutdown bigger for a much longer era in retaliation for Western sanctions and military aid to Ukraine.
EU member states will meet on Tuesday to discuss a 15% cut from August to March, von der Leyen said (Russia provided 155 billion cubic meters to the EU, or about 40%, a year before the invasion of Ukraine, Reuters reported).
The energy garage in the EU is only 65% complete, according to the aggregate fuel garage inventory, which is below the EU’s 80% target, but the garage is particularly reduced in Central and Eastern European countries such as Bulgaria (41. 4%), Croatia (43. 73%), Hungary (46. 83%) and Latvia (48. 78%).
The International Monetary Fund warned on Tuesday that shortages could lead to a decline in gross domestic product in Hungary, Slovakia and the Czech Republic of up to 6 percent.
“Russia is blackmailing us. Russia is power as a weapon, so in any case, whether it is a partial and primary shutdown of Russian fuel or a general shutdown of Russian fuel, Europe will have to be prepared,” von der Leyen said. said Wednesday.
Russia’s closure of the Nord Stream is expected to last until Thursday, though the initial shutdown has fueled fears that it could last much longer, potentially devastating a Western energy market that relies on Russian fuel. Even before that, Russia deliberately kept fuel materials as low as you can imagine despite high fuel costs “months before the outbreak of war” in February, von der Leyen said. Germany, for example, may face strong economic repercussions without Russian fuel or a relief in its energy consumption (32% of its energy source last December came from Russia, according to data from the Independent Product Intelligence Services. The EU has imposed six circulars of economic and individual sanctions (on others who finance or support the war) since Russia invaded Ukraine on February 11. , 8 years after some other sanctions circular following Russia’s annexation of Crimea.
An imagined closure of fuel exports by Russia is not the only thing affecting the European electricity market. Energy costs in Europe rose by 39. 2% in May, while inflation hit an all-time high of 8. 1%, another sign that Europe may have a difficult year at the petrol pump and when it comes to heating homes.
EU ambassadors on Wednesday agreed to the seventh set of sanctions against Russia, this time Russian gold exports, as the West redoubles its efforts to challenge Russian oligarchs and the Kremlin’s war machine. the fourth largest gold exporter in the world, according to the Observatory of Economic Complexity.
Vladimir Putin says Russia will meet fuel commitments, warns of new Nord Stream restrictions (Wall Street Journal)
Russia’s failure to reopen Nord Stream pipeline would cripple Germany (Forbes)
Winter is coming for Europeans (Forbes)
Europe rushes to take fuel from Russia amid new precautions from Putin (Reuters)
Russia shuts down fuel pipeline for maintenance: Europe holds its breath, fears it may not reopen (Forbes)