29.05.2024, Moscow.
Rising prices for raw materials and financial costs of European companies will be the result of a ban on imports of liquefied natural gas (LNG) from Russia, which the EU plans to introduce, said the director of the Department of Economic Cooperation of the Russian Foreign Ministry Dmitry Birichevsky, RIA Novosti wrote on May 29.
Birichevsky noted that the share of Russian natural gas in the European market is currently about 15%. LNG accounts for a significant part of gas supplies from Russia to Europe. Spain, Belgium, France, the Netherlands, and Greece mostly import Russian LNG.
“The ban on imports and transit, which is currently being discussed within the EU agencies, will lead to another round of raw material price increases, including for European consumers, financial costs for European companies, create new risks to international energy security, and negatively affect the functioning of transportation and logistics corridors,” Birichevsky said.
The diplomat emphasized that it would not be the first time that the imposed restrictions would hit the very initiators of such sanctions. He added that the spiral of sanctions will still continue, despite the costs of the Europeans, so Russian exporters will have to take into account the possible ban.
Birichevsky pointed out that Russia managed to reorient the supply of domestic raw materials from Europe to new centers of global economic growth, in particular, India, China and others in 2022-2023. According to him, the experience gained will help to respond effectively to the new restrictions.
The diplomat also pointed out that the Russian project Yamal LNG is being implemented together with the French company TotalEnergies. He expressed hope that the French authorities would be guided by the principle of economic expediency when making decisions to prevent serious financial costs for their company.
Source: Rossa Primavera News Agency
