Russia says sanctions are putting pressure on the global economy

Russia says sanctions are putting pressure on the global economy

Russian Deputy Prime Minister Alexander Novak warned on Friday that Europe will struggle to replace Russian oil and gas within five to 10 years and that sanctions are putting unprecedented pressure on the global economy.

“The situation is developing according to the principle of ‘rebound’: negative consequences have affected countries that have encouraged sanctions restrictions,” Novak, who is in charge of the energy sector, wrote in an article in an industry magazine, citing the agency. F.

The deputy prime minister noted that the high volatility and increased prices of energy resources were an “immediate reaction” to the uncertainty caused by the sanctions imposed on Moscow. “As a result, prices of major energy resources hit record levels in March within hours,” he added.

According to Novak, the European Union intends to do without Russian gas and diesel in the short term without securing alternative supplies.

“The main players in the sector agree that it will be difficult to completely replace Russian oil and gas within five to ten years,” he said.

He added that “due to the disruptions caused by the Europeans themselves in the energy resource market, EU politicians now urgently need to search for alternative energy sources to those in Russia,” stressing that there is currently no logical alternative to Russian supplies.

For Novak, it is “impossible to talk about energy security” in Europe without Russian resources, given the market share.

The European Union has adopted five packages of sanctions against Russia since February 22.

Russia launched a military attack on Ukraine on February 24 that killed nearly 2,000 civilians, according to United Nations data, which warns that the real number is likely to be much higher.

The war caused more than 11 million people to flee, more than 5 million of them to neighboring countries.

The international community in general condemned the Russian invasion, and responded by sending weapons to Ukraine and strengthening economic and political sanctions against Moscow.

Lusa / end