- Mar 14, 2022 11:34 am GMT
"Russia remains a reliable supplier, a world-class guarantor of energy security. We value this reputation, but are ready for a harsh confrontation in the energy sector, if the need arises. I believe, the European Union would not definitely profit from it, because we have a greater safety margin and stronger nerves."
The EC had already outlined a plan to reduce EU demand for Russian gas by two-thirds by the end of 2022.
French President Emmanuel Macron also said "nothing is off the table" when it comes to potential new measures against Moscow, after being asked whether the EU could consider a more immediate ban on Russian oil and gas imports, or blocking Gazprombank from the SWIFT banking system. The EU's move comes after the US and UK announced bans and phase-outs on the import of Russian oil and products, escalating the scale of sanctions targeting the Kremlin.
Day-ahead gas on the benchmark Dutch TTF hub was priced at Eur212/MWh on March 7, an all-time high and 230% higher than at the start of 2022.
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