Putin Explains The Causes And Consequences Of Europe's Energy Crisis

At a meeting in the Valdai Club on Thursday, Vladimir Putin again explains the causes and consequences of the energy crisis in Europe.

This is, first of all, the flawed, absolutely mediocre energy policy of the European Commission in recent years (pegging to the spot market and abandoning long-term contracts; ill-considered transition to green energy and reduced hydrocarbon production).

Also, short supply of American liquefied gas, which "sailed" to Asia towards a more attractive price. True, since his last speech at Russian Energy Week, a macroeconomic factor has also been added, namely the decision to increase the US national debt, which will invariably negatively affect energy prices.

According to Putin, the gas deficit in Europe is 70 billion cubic meters. And even the commissioning of the Nord Stream 2 gas pipeline, with a throughput capacity of 55 billion cubic meters, will not completely solve this problem.