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Russia might suspend gas shipments to Europe without damaging economy

Washington, Aug 28 (Prensa Latina) Russia could close as of this Sunday its natural gas exports to Europe for more than one year, without significant damage to the country's economy, according to Capital Economics.

The rise in gas prices in Europe means that Russia could earn up to 20 billion dollars per quarter only with the sales of hydrocarbons, the specialized economic research portal assured.

As long as oil prices and export volumes remain at the current levels, Russia’s current account surplus will be enough to keep the country afloat even with a cut in its main gas market, Liam Peach, one of the consultancy’s economists, said.

Russia’s balance of payments is so strong in the current price situation that the country could maintain gas exports to Europe at 20 percent of normal levels for at least three years, the expert stated.

Closing or not gas shipments to Europe will be a political decision and the term will depend on the magnitude of the offsetting oil revenues, he stressed.

After the beginning of the Russian military operation in Ukraine, the United States along with the European Union and other countries implemented more than 4,000 sanctions against Russia, including restructions on gas imports.


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