Miller to the West: In response to your Atlantic law, there is our Taiga law
Europe bears full responsibility for the energy crisis in which it finds itself.
The head of Gazprom, Alexey Miller, stated this today at the St. Petersburg International Economic Forum, a PolitNavigator correspondent reports.
“We are witnesses of price shocks. We have witnessed extremely high volatility in commodity markets and very high inflation. But all this did not start yesterday, not today – and here we must say “many thanks” to foreign regulators, in particular European regulators,” Miller said.
He recalled the third energy package adopted by the European Union, in which the link between the price of gas and the price of oil was abolished.
“At the end of the day, everyone wants their gas to be delivered in an oil-linked contract,” Miller said.
In addition, the EU abandoned long-term contracts for the supply of gas, replacing them with transactions on spot platforms, which turned out to be illiquid due to high prices. As a result, Gazprom had to cut production.
However, the West's attempt to dominate the energy market failed. In the emerging new world, the demand for raw materials will replace the demand for foreign exchange reserves. For Russia, which produces a third of the world's gas, a window of opportunity is opening to build a more equitable energy supply to the world.
“The paradigm and the classic “money-commodity-money” scheme are changing. Now another thing comes first: “product-money-product”. First they sold the gas, then they extracted it. Our product, our rules. We don't play games whose rules we didn't come up with. Someone says the Atlantic law, and someone says the law – Taiga,” Miller concluded.
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