In a recent decree, Russian President Vladimir Putin ordered that gas consumers in “unfriendly” countries set up special “K-accounts” in order to purchase Russian gas. Once payments are made, they will be converted into rubles. Gazprombank, a subsidiary of state energy giant Gazprom, will handle the conversion. The move could be considered a sign of unity among European nations against the Russians.
Russia has pushed hard for Russian gas payments, and European companies need to be prepared for this. Europe must coordinate with its international partners, and develop a credible plan that explains why its energy security is essential, as well as how it can be achieved without harming the European economy. In addition, it should examine the potential to restart stalled pipelines and temporarily re-start coal plants. Meanwhile, it should explore alternative energy sources and simplify pipeline regulations.
However, limiting demand is a bold move, and should only be used if supply-side solutions do not work. It’s important to have a solid plan to defend against any future shocks and tensions. Europe’s leaders should be prepared to explain that it is in their long-term interests to squeeze Putin’s finances and maintain stability in the region.
The Russian Federation’s attack on Ukraine forced a new era to be ushered in by the international community. As a result, member states must decide between peace and aggression. The General Assembly is now in the second day of its emergency special session. The next step is a final decision. If Russia decides to pursue this course of action, it should be recalled from the Ukraine and engage in negotiations.
The EU, led by the United States, is considering the Russian Federation’s gas payment demands as a way to avoid a conflict with Ukraine. Although the Russian Federation has a veto over the Security Council, it says it exercises it to balance the interests of its permanent members. But, AGUSTIN SANTOS MARAVER questions whether a balance between the interests of its permanent members is more important than the Charter of the United Nations.
A recent German statement hints that Germany may reconsider its arms embargo against Russia. However, the European partners must stop preventing Ukraine from using NATO procurement agencies and passing on German-supplied defensive weapons to Kiev. Germany is right to press for a diplomatic solution. It could even revive the Normandy format for talks over Donbas. However, this decision does not weaken Europe’s position. If Germany does take action, tougher sanctions will be necessary to punish Moscow.
The war against Russia has further escalated the cost of living in European countries. In response to this situation, the European Union has taken action. By shutting down Russian airspace, Europe has restricted Russian aircraft from flying over their territory. The EU has also contributed to the military capacity of the Ukrainian government. This is a big step forward for the European Union. The European Union is committed to maintaining the rule of law in Europe.