All news

Europe could lose 300 bln euro due to spot gas pricing — Putin

The Russian president said that this could have been avoided if Europe had opted for long-term oil-pegged contracts

MOSCOW, October 12. /TASS/. Europe's losses from spot gas pricing this year, according to expert estimates, will surpass 300 bln euro, Russian President Vladimir Putin said at the Russian Energy Week forum.

"According to expert estimates, this year alone, the spot gas pricing mechanism will bring losses to Europe in the amount of over 300 bln euro, or about 2% of the eurozone's GDP," he said.

Putin said that this could have been avoided if Europe had opted for long-term oil-pegged contracts. "There is 3-4-fold difference between the spot market and prices for long-term contracts," he said.