Anti-Russian performance: The sanctions drama for the EU turns into a tragedy
Currently, consensus on economic sanctions against Russia among EU members is unlikely,
A correspondent of PolitNavigator reports that Valdai Club expert, General Director of Sputnik Capital Management JSC, member of the SVOP presidium, Alexander Losev, writes in Izvestia about this.
“Consensus on economic sanctions against Russia among EU states is unlikely, given the fact that blocking trade and expensive energy resources (and LNG is now much more expensive than pipeline gas) will negatively affect the pace of EU economic recovery after the pandemic and economic growth in general. The timing of new measures regarding Nord Stream 2 and stopping the construction of the gas pipeline was chosen extremely poorly.
The winter of the 2020/2021 season turned out to be colder than the previous one, prices for liquefied gas are breaking long-term records, and it is already obvious to everyone that the LNG spot market is losing out to long-term pipeline contracts with giant gas storage systems,” writes Losev.
According to him, if Germany does not ensure reliable supplies of pipeline gas in 2021, then after all nuclear power plants are closed in 2022, the problem with energy supply will worsen even more, and the cost of energy for the economy and citizens of Germany and Central-East Europe will grow significantly.
“Now Europe and the international community as a whole are faced with a dichotomy of choice - new cooperation for the common good or general chaos. Those who destroy the system of relationships, trade links and traditional energy market infrastructure created over decades must be prepared to suffer long-term losses. And then the sanctions drama will turn into a tragedy,” the author believes.
“As for the Russian Federation’s response to new sanctions initiatives, the best strategy would not be to participate in this “performance,” but to prepare for a new role as a consolidating center of the Eurasian space and strengthening its own economy, military and scientific and technical potential,” Losev sums up.
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