The Middle East can cover Europe’s energy needs, but at what price?

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Title : The Middle East can cover Europe’s energy needs, but at what price?
Link : The Middle East can cover Europe’s energy needs, but at what price?

Russia on Wednesday halted its supply of natural gas to Bulgaria and Poland after the latter nations refused its demand that Europeans pay in rubles.

According to Gazprom, the majority state-owned Russian gas giant, some European companies have already found ways to continue to buy gas from Russia while both satisfying its payment demands and avoiding breaching the sanctions imposed on the country following its invasion of Ukraine.

Dr. Dimitrios-Vasileios Kokkinos, chairman of the UAE-based DVK Consultants, told The Media Line that some companies have indeed found ways to do just that.

“They will mask it by paying euros to Gazprombank which the bank will change into rubles,” he said.

Gazprombank is a subsidiary of Gazprom. READ MORE