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Energy firms snap up Russian gas as Europe seeks alternatives
Even Ukraine hasn't cut the pipelines carrying Russian gas across its territory to western Europe.
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By Elena Mazneva
Bloomberg News
Sunday, February 27, 2022
European leaders talking up plans to wean the continent off Russian natural gas are facing a harsh reality: Energy companies are buying more as the war rages in Ukraine.
Russian shipments through pipelines crossing Ukraine have surged to near the maximum level allowed under the transit contract, while some gas has started to flow again into Germany via a key pipeline running through Belarus and Poland.
The increase in purchases comes as European politicians are discussing how to retool energy policy in the wake of Russia's invasion.
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German Chancellor Olaf Scholz pledged new support for liquefied natural gas terminals just days after shelving the $11 billion Nord Stream 2 pipeline to bring Russian supplies to Europe. Italy said it could reopen some shuttered coal plants and is also considering importing more LNG from the U.S., and gas from Azerbaijan, Algeria, Tunisia, and Libya via existing pipelines.
"The events of the last few days and weeks have shown us that a responsible, forward-looking energy policy is not only crucial for our economy and our climate. But also crucial for our security," Scholz told the parliament in Berlin on Sunday. "We will change course in order to overcome our import dependency on individual energy suppliers."
Western nations are ratcheting up pressure on Moscow, agreeing to impose new sanctions to further isolate Russia's economy and its financial system after initial penalties failed to persuade President Vladimir Putin to withdraw forces from Ukraine. But the decision to penalize Russia's central bank and exclude some lenders from the SWIFT messaging system -- used for trillions of dollars worth of transactions around the world -- excludes energy. ...
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