Australia has now also agreed to export liquefied natural gas (LNG) to Europe. In case Russia doesn’t supply enough gas, Australia could step in. According to Keith Pitt, Australia’s Minister for Resources, his country is a leading and reliable global exporter of LNG. Australia stands ready to assist with any request for further shipments of LNG,
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Australia could also deliver LNG to Europe in an emergency
In the meantime, Australia has put several plants into operation that make it possible to cover the growing LNG demand in the world. The US has already had contingency plans drawn up in case Moscow stops gas transit through Ukraine. Since American LNG supplies are not sufficient to supply Europe, Washington is also negotiating with Australia and Qatar.
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Federal government is pushing for exceptions to sanctions against Russia
In the meantime, it has become known that the federal government has pushed for an exemption for the energy sector. These should take effect if Russian banks should no longer be able to do business with US dollars as part of the sanctions against Russia. The Austrian Foreign Minister Alexander Schallenberg is also urging not to impose sanctions on Russian gas. According to an EU official, the exemption is part of a package of sanctions agreed with the US. In the event of an attack by Moscow on Ukraine, they should then be used. The federal government obviously also fears serious repercussions for German financial institutions if the US freezes Russian assets. German banks would be hit particularly hard if transactions with major Russian banks were banned.
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Putin pledges compliance with contracts in natural gas trading
Meanwhile, the Russian President, Vladimir Putin, has asserted that Russia is fulfilling all supply contracts with the EU in accordance with the contract. The current gas shortage is due to the economic policy of the EU Commission.
Gas prices must continue to rise in order to bring enough liquid gas to Europe
According to experts, high prices for LNG in Asia are hampering LNG supplies to Europe. The Nord Stream 2 pipeline from Russia to Germany could secure the supply of natural gas. Nord Stream 2 is operational but does not yet have German approval. However, Foreign Minister Analena Baerbock has repeatedly threatened Russia to ban the commissioning of the pipeline in the event of a conflict with Ukraine.
