–
With the promise of extra gas supplies, Russian President Vladimir Putin calmed the blind panic in the energy markets. In one go he highlighted Europe’s dependence on Russian gas.
–
‘Let’s think about the possible increase in supply on the market.’ With that one sentence, President Putin managed to push prices down on the overheated gas market on Wednesday. He hinted that Russia’s state gas company Gazprom is willing to ramp up supplies to Europe to allay panic ahead of a potentially harsh winter.
–
With his gesture, Putin generously presented himself as the lifesaver, although he did not clarify how concrete the aid will be. Tellingly, after his redeeming sentence, he remarked, “We have to approach it carefully.” It seemed as if Putin wanted to make it clear that Russia will set the pace to end the crisis, not Western customers.
–
The essence
- Russian President Putin announces an increase in gas supplies to Europe.
- Several countries accuse Moscow of market manipulation by lowering gas exports.
- With his gesture, Putin wants to speed up the commissioning of the controversial Nord Stream 2 gas pipeline.
–
–
Some saw the outstretched hand as a cynical move because Russia would have caused the gas crisis. Thijs Van de Graaf, an expert in energy policy and geopolitics, disagrees. “The crisis is not Putin’s master plan, but the result of a series of factors, such as the economic recovery after the corona pandemic and low stocks due to a late winter break.”
–
Trustworthy partner
Russia has been under pressure from all sides in recent weeks to export extra gas. The boss of the International Energy Agency (IEA) said on Thursday that Gazprom could easily increase exports by 15 percent. The IEA had previously said that the gas crisis was an excellent opportunity for Russia to show that it is a reliable partner.
–
You don’t want to experience energy being turned into a weapon.