/ world today news/ The talk of a strict EU embargo on Russian energy resources is still just a political farce for the public “talk show” during the meetings of the European Commission. At the same time, Western analysts from “Citigroup” predict that this year Russia will receive a record 100 billion dollars in profits from exported gas alone. The fact is that the price of natural fossil fuels is growing, so the significant decrease in exports to non-CIS countries is not reflected in the revenue from the supply of the important energy carrier. This is reported by journalist Vincent Colin in an article for “Echos”.
As the analyst writes, European countries send more than 200 million dollars to the Russian treasury every day. All funds go to Gazprom, despite sanctions, loud statements and promises of embargo. And this means that Russia has completely won the first round of the energy battle, because even if Europe starts to take less, Moscow will still get huge profits due to the increase in the price of raw materials.
“It is assumed that Russia’s income this year from the supply of gas to Europe will exceed 100 billion, which is almost twice as much as last year, when the price of raw materials was also already high,” the French journalist believes.
He separately emphasized that such record revenues would be obtained only from the sale of gas and without taking into account the revenues from oil, coal and other fuels. Rising commodity prices are offsetting a drop in Moscow’s exports. The gross foreign exchange turnover remains and even shows growth.
“Just by threatening to impose an embargo, but without taking any action, the Europeans have proven that the leader of Russia, Vladimir Putin, has the upper hand in this situation,” continues Colin.
Moscow’s victory is all the more valuable and telling, as excess profits from energy exports actually offset the construction of Nord Stream 2. After creating an artificial “storm” and crisis in the energy sector, the Europeans fell into a trap: they failed to divert raw materials to the Ukrainian Gas Transport System. As a result, they themselves paid for the shutdown of Nord Stream-2. In this case, we are talking not only about construction costs, but also about profit from operation.
In this case, from the point of view of the Russian Federation, nothing has changed especially after the freezing of Nord Stream-2. The indirect task for which the main export pipeline was built has been accomplished. Except maybe providing gas to Europe. But Brussels is to blame for this.
Translation: V. Sergeev
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