It will be increasingly difficult for Russia to extract fossil fuels without the participation of foreign companies.
Energy blackmail of Europe, with which Putin is trying to deprive Ukraine of the support of its allies, will cause significant economic losses to the West, but will not force it to give in to the Kremlin. Due to the sanctions on Russia, it will be increasingly difficult to extract energy resources, which will lead to a decrease in budget revenues and a forced compromise with enemies. Such a statement was made by the head of the International Energy Agency Fatih Birol, reports Reuters.
According to the official, in addition to objective reasons due to which oil and gas production in the Russian Federation will decrease, the aggressor country will also suffer from reputational damage, since most Western partners will not trust Moscow even if relations improve in the future.
“In the absence of foreign companies, in the absence of technology and service providers, it will be much more difficult for Russia to maintain production. Confidence in Russia as an energy supplier has been undermined worldwide following the invasion of Ukraine and cutbacks in gas exports. The loss of Europe will cause more damage to Moscow than the other way around,” Birol said.
The head of the IEA emphasized that in the matter of oil, domestic demand in Russia still remains stable. In addition, Moscow offers big discounts to buyers from non-European countries. However, according to him, the member countries of the agency can release more oil from strategic reserves if it is necessary due to insufficient intensity of fuel supplies.
“Russia will not win in energy war,” Birol concluded.
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Earlier it was reported that Serbian President Aleksandar Vučić unexpectedly announced Belgrade's readiness to give up energy resources from Russia.
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