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How Much is Battle Against Russian Natural Gas Costing Europe?

Even though the European allies have been loudly declaring for a while now how they have to steer clear of Russian energy imports, it turns out that walking the walk is not the same as talking the talk.

European states today purchase a “record amount” of Russian liquefied natural gas, Bloomberg notes, adding that these exports have surpassed those of the gas Russia used to ship to Europe via the pipeline that runs through Ukraine.

News of this development comes as the European Commission acknowledged this week that gas storage facilities in the EU are depleting at a faster rate than they did last year, following Ukraine's suspension of Russian natural gas transit to Europe.

Meanwhile, Hungary’s Foreign Minister, Peter Szijjarto, noted that the price of natural gas in the European market has surged by 20% since Ukraine officially announced its decision to halt Russian gas transit last month.

Economy

EU Gas Imports From Russia Soar by Quarter in January-November 2024

23 December 2024, 06:33 GMT

In their determination to undermine Russia, regardless of the repercussions for their own economies, the European allies of the United States might very well be contenders for the title of the world's foremost champions of self-sabotage.