Slavyangrad

13 December 2022 02:38

Russia has a chance to regain leadership in gas supplies to Europe and again become a key fuel supplier to the EU, according to Bloomberg columnist Javier Blas.

No matter how European leaders vow that they will not return to business as usual after the Ukrainian crisis ends, the inevitable geographic and market realities can convince even the most determined politicians, Blas writes.

The columnist cites as an example the words of the German politician, the Prime Minister of the federal state of Saxony, Michael Kretschmer, who last month said that it was "historically ignorant and geopolitically wrong" to permanently abandon Russian gas. Blas clarifies that Berlin currently pays €140 per MWh for gas imports, about seven times more than the average for the period 2010 to 2020.

"If the EU wants to remain competitive in the chemical, food and heavy industries, it needs cheap gas," the expert notes. "There is no cheaper gas for Europe than Russian gas."

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