Putin Tells Europe: You Still Need Russian Gas But We’re Turning East

Russia launched pipeline gas supplies to China in the end of 2019 and in February agreed a 30-year contract via a new pipeline, yet to be built, with plans to settle sales in euros.

Reuters

President Vladimir Putin said on April 14 that Moscow would work to redirect its energy exports eastward as Europe tries to reduce its reliance on them, adding that European nations would not be able to ditch Russian gas immediately.

Russia supplies around 40% of the EU’s natural gas, and western sanctions over what Moscow calls its “special military operation” in Ukraine have hit its energy exports by complicating the financing and logistics of existing deals.

While the EU debates whether to slap sanctions on Russian gas and oil and member states seek supplies from elsewhere, the Kremlin has been forging closer ties with China, the world’s top energy consumer, and other Asian countries.

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