What is the cost of the energy war between Russia and Europe? | Counting the Cost

Russian President Vladimir Putin is making good on his threat to turn off the supply of natural gas to Europe.

Supplies to Bulgaria and Poland have been halted after the two countries refused to pay for gas in roubles. Other European countries may also be cut off within weeks if they reject Russia’s demand.

The European Union has dismissed the move as "blackmail" and is under pressure to cut the cord on Russian energy. The bloc has proposed a complete ban on Russian oil imports by the end of this year. 

Meanwhile, the rouble hit a two-year high despite Western sanctions.

[PinkR_Tulip]

Russia is remaining fine & strong, while Europe inflicted themselves!
God bless Russia 🇷🇺

[tejasshah]

Europe is going to be in recession never seen before

[AlternativeBrew]

The many iterations of sanctions regimes are already an indication that the original sanctions did not produced the results that those who planned the sanctions thought they would.
There is no guarantee that new versions of sanctions will result in what is anticipated. Who predicted that there would return to surplus.
Note that while Russia is predicted to suffer two years of recession there are predictions that majority of world economies are also would undergo the same period of economic downturn recession. Talking about price increases, isn't that the same problem that the US and the rest of Europe is facing

[AmbarAAli]

Russia invaded Ukraine openly for regime change but supper power America do the same cowardly in Pakistan regime change. Sanctions should also impose on America like Russia because if China does the same would not America impose sanctions on China?

[Michael-utmu]

Yes this program gets the Walter Duranty award for appeasement in journalism!

[frausilver]

She things she is in charge of Putin's taps. Arrogance is a killer.

[frausilver]

Don't worry about Putin's recession talk about our recession

[AG-yblm]

God Bless President Putin and The Russian Federation 🇷🇺 9 May
...

[captain]

Will US or Europe sell anything to an entity without the ability to access the payments? Europe is responsible for all these difficulties, following America's interest will hurt all parties

[kategray]

I'm no longer waiting for GRANT LOAN because I earn $29, 700 every 10 days recently

[tvismyonlyfriend]

I belief the 3rd world deserves access to oil and energy so that food sources can be sustainable and secure. We can avoid a war if we focus on these 2 things

[mickelodiansurname]

The problem with an economic 'problem' is that within a year some bright spark somewhere makes the entire problem obsolete. An example? Well consider the bind that my country Ireland found itself in from its foundation to around the early 1980's.

The problem was that its economy was almost exclusively agricultural. We sold crops and we sold agricultural equipment. However this also meant we were dependent on global food prices and the power of supermarkets in the late 20th century. As food prices fell Ireland simply got poorer and poorer. And something had to give.

So the solution was to remove the entire problem. We now make software, pharmaceuticals, industrial goods, medical and technological equipment, even nuclear power station parts and financial services. This depite the fact that nuclear power is illegal in Ireland. All of those parts are exported.

We still grow lots of crops, just as many, or even more than we did in the 1960's or 70's, but the agricultural industry compared to any one of those I mentioned is now paltry. The problem itself is now obsolete.

So this 'fuel' crisis is already being solved. Not so much by sourcing alternative gas an oil, which is a great short term solution, but by simply burying oil and gas in a truly massive program of removing the EU completely from dependence on fossil fuels. Its not like the EU is prepared to dump it completely, just make it such a small part of the economy that it cannot affect inflation or interest rates, or the working of industry.

The EU had a project just a year ago to manufacture and produce vaccines for covid in record time and with huge investment. Now it has another project, to fuel the entire economy of the EU using fracking, nuclear, wind, solar, wave, biofuels, hydro and even geothermal and eventually change over to fusion.

To do that of course you need lots of investment and lots of money to begin with. Something the EU with a paltry defense spending has in abundance. The new 2% of EU GDP spent by members on defense, in fact even 5% on defense spending, would be nothing compared to the massive investments now taking off in self sufficiency. Russia it seems gave the EU the kick up the backside it needed to change course irreversibly. Their only customer found an alternative supplier... mother nature.

The EU had planned to do this anyway by 2050. But now it seems that target has been reduced to complete self sufficiency within a decade. That good news for the EU nations, but its bad for everyone else. In January Russia supplied 50% of Europe's gas, they had done this for the last 30 years at least if not more. That's already down to 35%. In five months the EU has cut massive sales of gas by Russia...

Think about that the EU reduced Russian gas purchases by 30% in 5 months. By end of December that will be a reduction of 100%. But more than that it will reduce the import of ALL fossil fuels from all fossil fuel supplying nations. That's not good for nations that depend on selling the EU gas and oil. You can't cough in the EU without someone mentioning good investments in fracking or wind!

[coltjustice]

Canada's current government has been blocking expansion of any sort of oil or gas exports since they have been in power... A pipeline from the west for lng and oil should have been built years ago... The day this government quits catering to the environmental activist community and starts thinking for the majority of Canadians, well let's just say it will be better not only for Canada but the rest of the world as well.

[sulaimankamara]

No!! Is to avoid the stealing of the Russian people’s money.

[awolpeace]

IMF said: "everything must grow by 10, 000% or society will collapse."

[mohiddean]

RUSSIAN ECONOMY WILL GROW NO MATTER WHAT THE WESTERN NATIONS SAY OR DO DON'T WORRY WORRY ABOUT THE WESTERN NATIONS ECONOMIC GROWTH

[drakekoefoed]

you're paying more for gas so the mic can make more money.

this guy is not much of an expert if he can't understand that putin needs to go around sanctions, and forget the buyers who support usa bs.

[pradeepmagan]

Nuclear power is what they need to use. The Germans need to stop closing the power stations

[cfwin]

Russia could hit energy sources in other countries covertly. I suspect they will do that in winter.

[josefmuller]

What has not been mentioned concerning gaz supplies is the fact that the german corporate sector has long term contracts - with a clause to pay for procurement, but as well when they do not procure gaz.