This warning was issued by Mr. Kirill Dmitriev - Special Envoy of the Russian President for Investment and Economic Cooperation with Foreign Countries, CEO of the Russian Direct Investment Fund (RDIF). Mr. Dmitriev said that the policy of abandoning Russian energy is putting Europe in a difficult position.
According to Mr. Dmitriev, oil and gas prices are rising sharply and could have serious impacts on the European economy in the near future.
In just a few weeks, gas prices have increased by about 70%, while oil prices have exceeded the 110 USD/barrel mark due to disruptions to supply and transportation through the Strait of Hormuz - a route accounting for about 20% of global oil supply.
The root cause, according to Russia, is that the European Union (EU) rejected "stable and cheap" energy sources from Moscow after the Ukraine conflict in 2022. Events such as the Nord Stream pipeline explosion once caused European gas prices to skyrocket, and the market is still not completely stable to this day.
Risks continue to increase as the remaining supply routes are also threatened. Russia accuses Ukraine of increasing attacks on the TurkStream pipeline - one of the rare gas routes still operating to Europe. If this route is disrupted, pressure on supply will be even greater.
Not only on land, energy transportation at sea also faces risks. A Russian-linked liquefied natural gas (LNG) tanker was attacked by drones in the Mediterranean in March, raising concerns about maritime security amid widespread conflict.
Meanwhile, the EU still maintains a tough stance. The European Commission affirmed that it will not return to importing Russian energy and will continue its plan to completely eliminate fossil fuels from this country by 2027.
However, not all member states agree. Some European leaders have begun to call for a review of policies. Belgian Prime Minister Bart De Wever said that relations with Russia need to be resumed to ensure cheap energy sources. Meanwhile, Hungary and Slovakia have long opposed measures to restrict Russian oil and gas.
On Moscow's side, officials affirmed that Russia is still ready to supply energy at market prices and cooperate with any partner, despite sanctions. In the context of war with Iran disrupting part of global supply, demand for Russian oil and gas is even increasing, especially from Asian countries.
Russian Deputy Minister of Energy Pavel Sorokin said that Russia is cooperating with Indian partners and working on a mutually beneficial basis. "Basically, we believe that there should be no sanctions and each country should have the right to choose the partner they want to cooperate with," Mr. Sorokin emphasized.
