The gas Since the start of the war in Ukraine, it has become an economic weapon exhibited several times between Russia and Europe.

February 22, 2022German Chancellor Olaf Scholz announced the suspension of the Nord Stream 2 pipelinelinking Russia and Germany, in retaliation for Moscow’s official recognition of separatist territories in eastern Ukraine.

This pharaonic project, at the center of a geopolitical and economic battle, has pitted Germany (which imports half of its gas from Russia) against the United States and part of the European countries.

It has also been a source of tension between Russia and Ukraine.to which the construction of the Nord Stream 2 made him fear the loss of the income he derives from the transit of Russian gas through its territory.

Russia supplies about 40% of gas imports of Europe.

Step by step

The Russian invasion of Ukraine on February 24 caused the price spike of natural gas and oil, for fear of supply cuts.

-2 March, the European Union (EU) has “disconnected” seven Russian banks from the SWIFT international financial system, which accelerates international payments. But it left two financial groups linked to the hydrocarbon sector linked, due to the great dependence on Russian gas from countries such as Germany, Italy, Austria and Hungary.

–On March 8, the American president Joe Biden banished Russian imports of hydrocarbons.

Around the same time, the UK announced an end to Russian energy imports by 2022, while the EU has set a target to cut its purchases by two-thirds this year.

–March 23Russian President Vladimir Putin has decided to ban the Europeans the payment of Russian gas in dollars or eurosin response to the freezing of nearly $ 300 billion in Russian foreign exchange reserves.

He also announced that “hostile” countries that consume Russian gas would have to open bank accounts in Russian entities to pay their bills in rubles, as otherwise their supply could be cut off.

The EU’s executive body, the European Commission, sees this option as a violation of international sanctions against Moscow, for which he sought alternatives with the United States.

Washington has pledged to send another 15 billion cubic meters of liquefied natural gas (LNG) to Europe this year.

Suspension

–April 27the Russian giant Gazprom suspended all your shipments in Bulgaria and Poland, two countries with a great dependence on Russian gas, as they did not pay for it in rubles.

The president of the European Commission, Ursula von der Leyen, denounced a “gas blackmail” and explained that both countries (members of the EU and NATO) will receive gas supplies “through their neighbors in the European Union” .

–May 21Russia he cut off the gas to neighboring Finland, which also refused to pay in rubles and provoked Moscow’s ire with its request to join NATO.

Then it was the turn of Holland and Denmark.

–30 Maythe leaders of the 27 EU countries decided to reduce their Russian oil imports by almost 90% by the end of the year, but they did not want to impose an embargo on Moscow gas.

In mid-June, Gazprom, citing a technical problem, reduced its gas shipments by 60%, mainly to Germany via Nord Stream 1, again pushing prices higher.

-23 JuneGermany has activated the “alert level” of the gas supply, which brings the possibility of rationing in the country closer.

-11 JulyGazprom announced that it would close the Nord Stream 1 pipeline for 10 days for maintenance reasons.

A week later, on the 18th, the EU announced an agreement with Azerbaijan to double its natural gas imports in “a few years”.

Union too has been looking for new suppliers in countries like QatarNorway and Algeria.

-July 20, Brussels has proposed a plan to reduce gas consumption in Europe by 15%, thus addressing the reduction in Russian supply. “” Russia uses gas as a weapon. In the event of a total disruption, Europe will have to be prepared “, explained Von der Leyen.

Source: AFP

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