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Europe will not be able to immediately abandon Russian oil and gas — Novak

Russia has a fairly large share in the European energy market, the Deputy Prime Minister pointed out

MOSCOW, May 19. /TASS/. Europe will not be able to immediately abandon Russian oil and gas, Russian Deputy Prime Minister Alexander Novak said on Thursday.

"It is impossible to abandon it immediately, since we have a fairly large share in the European energy market. We supply 40% of gas out of Europe’s total consumption and around 20-25% of supplies of oil and oil products," he said.

According to Novak, these statements lead to growing prices on the world energy markets and for oil products: the price of diesel fuel is rising to a record level, while electricity prices in the EU have increased 2-3-fold.

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Alexander Novak

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