They also prepared retaliatory measures that would harm the Russian economy.
The EU is ready to discuss gas supplies with the US, Qatar and Azerbaijan / REUTERS photo
The European Union has developed a plan of action in case Russia cuts off gas supplies to Europe.
Josep Borrell, Vice-President of the European Commission, High Representative of the EU for Foreign Policy and Security Affairs, announced this in his blog .
According to him, the EU is considering the possibility of cooperation with the US, Qatar and Azerbaijan on the issue of gas supplies in case Russia decides to reduce or stop them.
“We are prepared in case diplomacy fails and we are considering all options,” Borrell wrote.
The EU has also prepared retaliatory measures that will cause “serious damage” to the Russian economy and financial system.
“We are also looking at export controls that would have a longer-term effect by denying Russia the products it needs to fulfill its strategic ambitions,” he said.
Borrell recalled that the European Union would not abandon its support for Ukraine’s sovereignty, its territorial integrity and its right to self-determination.
“Ukraine is our partner and neighbor: its security is our security,” he stressed.
The gas situation in Europe
Gas prices in Ukraine correlate with prices at European hubs, since our country has been an integrated part of the European gas market since 2015 and imports about 30% of the total natural gas consumption from Europe.
As of December 14, 2021, gas prices in Europe have risen to a new record high.
On December 15, spot gas prices in Europe for January exceeded 1.5 thousand cubic meters . dollars per thousand cubic meters, increasing daily by 7%.
On December 16, 2021, the cost of gas in Europe exceeded $1,700 per thousand cubic meters.
As of December 20 , spot gas prices in Europe rose to $ 1.9 thousand per thousand cubic meters in January .
On December 21, 2021, gas in Europe set an absolute price record , exceeding $2,000.
On December 22, 2021, Gazprom announced the average gas export price for 2022.
On December 24, 2021, spot gas prices in Europe for January fell from $2.1 thousand to $1.3 thousand per thousand cubic meters.
On December 28, 2021, spot gas prices in Europe fell to $1,151 per thousand cubic meters in January.
On January 13, 2022, the Russian Gazprom announced that more than half of the gas pumped into Europe’s underground gas storage facilities had already been brought to the surface
(c)UNIAN 2022
Borrel should consider another contingency for the EU and that is the union without Germany. Germany has proven once again it does not support the values of Europe.