Prof. ST Hsieh
Director, US-China Energy Industry Forum
October 11, 2022
War is brutal and everyone loses in the end. War is not sustainable. Business can be mutually beneficial, and all parties can be winners. Business can be sustainable! Politicians in Europe are making bad bets, the general public suffers.
War in Ukraine started seven months ago, causalities mount. But the reality is paradoxical: war is going on along with business deals. It is puzzling, what are they fighting for? Especially for EU who supports Ukraine’s fight with military equipment and financial aid, but “The EU is still importing about 260 million euros worth of Russian fossil fuels each day”
More incredible is the report that “high energy prices have been propping up the Kremlin’s coffers.” No wonder a US reader responded to the news report as follows: Russia seems to be perfectly willing to supply Europe’s energy needs. It’s the European politicians who are making the decisions that will harm the citizens of their respective countries. Those politicians should all be replaced.
The EU has been trying to cut back on Russian oil, but it’s still buying more of it than anyone else
Huileng Tan Mon, October 10, 2022 at 2:52 AM
- The EU remained the largest importer of Russian fossil fuels in September, according to the CREA.
- It has imported over 100 billion euros worth of Russian fuel since the Ukraine war started.
- The EU is still importing about 260 million euros worth of Russian fossil fuels each day.
Despite a pledge to wean itself off Russian energy, the European Union remained the largest importer of Russian fossil fuels in September, according to a report from the Centre for Research on Energy and Clean Air, or CREA, released on October 4.
From the start of the Ukraine war until late September, the EU spent more than 100 billion euros, or $97 billion, on Russian fossil fuel imports, the report found. That’s despite a decrease in the EU’s imports of Russian fossil fuels, which dropped 14% from August to the end of September, and 50% from March to the end of September, the CREA wrote in its report.
The decline is in part due to a fall in natural-gas supplies after Gazprom halted deliveries via Nord Stream 1. The EU has also banned coal imports since August. The move aims to cut Russia’s energy revenue, which funds the Ukraine war. Energy is a key pillar of Russia’s economy, accounting for over one-fifth of its GDP.
While Russian fossil fuel exports by volume are down by about a third since the war started, high energy prices have been propping up the Kremlin’s coffers.
“Surging fossil fuel prices mean that Russia’s current revenue is far above previous years’ level, despite the reductions in this year’s export volumes,” the CREA wrote in an August report.
Russia-EU gas flows via Ukraine steady, eastward flows via Yamal at zero
LONDON, Oct 10 (Reuters) – Flows of gas from Russia to Europe via Ukraine were steady on Monday while eastward gas flows on the Yamal-Europe pipeline to Poland from Germany remained at zero, pipeline operator data showed.
Nominations for Russian gas into Slovakia from Ukraine via the Velke Kapusany border point stood at 36.5 million cubic metres (mcm), little changed from the previous day, data from the Ukrainian transmission system operator showed.
Russia’s Gazprom on Monday said it would ship 42.4 million cubic metres (mcm) of gas to Europe via Ukraine, unchanged from levels on Sunday.
Another US reader’s comment: LOL… Zelensky still doing business with Putin