{"id":144383,"date":"2021-11-11T09:50:14","date_gmt":"2021-11-11T09:50:14","guid":{"rendered":"https:\/\/precoinnews.com\/?p=144383"},"modified":"2021-11-11T09:50:14","modified_gmt":"2021-11-11T09:50:14","slug":"u-s-official-says-russia-took-advantage-of-europes-energy-crisis","status":"publish","type":"post","link":"https:\/\/precoinnews.com\/business\/u-s-official-says-russia-took-advantage-of-europes-energy-crisis\/","title":{"rendered":"U.S. official says Russia &#x27;took advantage&#x27; of Europe&#x27;s energy crisis"},"content":{"rendered":"<ul>\n<li>Russia did not cause Europe&#x27;s energy crisis \u2014 but it didn&#x27;t help, according to Amos Hochstein, the U.S. State Department&#x27;s senior advisor for global energy security.<\/li>\n<li>Moscow chose not to send additional natural gas supplies to Europe for November despite saying it is ready to help.<\/li>\n<li>Russian President Vladimir Putin has rejected claims that his country is weaponizing energy against Europe and says Russia is ready to help Europe.<\/li>\n<\/ul>\n<p>Russia did not cause Europe&#x27;s energy crisis \u2014 but it didn&#x27;t help, and instead tried to benefit from the situation, according to Amos Hochstein, the U.S. State Department&#x27;s senior advisor for global energy security.<\/p>\n<p>&quot;It sure didn&#x27;t do anything that it could to alleviate [the energy crunch], and in fact, took advantage of it,&quot; Hochstein told CNBC&#x27;s Hadley Gamble on Wednesday.<\/p>\n<p>Russia chose not to send additional natural gas supplies to Europe for November despite saying it is ready to help, auction results in October showed.<\/p>\n<p>Gas prices in Europe hit record highs in October on the back of surging demand, lower than usual inventories and limited supply.<\/p>\n<p>Russia started pumping less gas to Europe in August, and some analysts suggested that the country was limiting its discretionary supply to support the case for the controversial Nord Stream 2 pipeline, which will bypass Ukraine and Poland to carry gas from Russia to Germany.<\/p>\n<p>The pipeline is awaiting approval from German regulators, but has faced opposition for various reasons, including concerns that Nord Stream 2 is not in line with Europe&#x27;s climate goals.<\/p>\n<p>On the geopolitical front, Washington fears that Nord Stream 2 will give Moscow too much power over Europe&#x27;s gas supplies. In 2020, around 43% of Europe&#x27;s gas imports came from Russia.<\/p>\n<p>Meanwhile, Kyiv is afraid that Russia will bypass Ukraine and take gas revenue away.<\/p>\n<h2>Energy as a weapon?<\/h2>\n<p>U.S. Secretary of State Antony Blinken on Wednesday told reporters that the U.S. is watching &quot;very carefully&quot; to see if Russia is using energy as a political tool.<\/p>\n<p>&quot;Should Russia attempt to use energy as a weapon or commit further aggressive acts against Ukraine, we are committed and Germany is committed to taking appropriate action,&quot; he said.<\/p>\n<p>Hochstein said Moscow has come close to weaponizing energy.<\/p>\n<p>&quot;They&#x27;ve come very close to the line of using it as a weapon by suggesting that if a political decision was taken in Germany \u2026 to certify the Nord Stream 2 pipeline, all of a sudden, gas would appear, and there would be plenty of gas from Russia for Europe,&quot; Hochstein said.<\/p>\n<p>Russian President Vladimir Putin has rejected claims that his country is weaponizing energy against Europe.<\/p>\n<p>&quot;Even during the hardest parts of the Cold War Russia regularly has fulfilled its contractual obligations and supplies gas to Europe,&quot; Putin told CNBC in October.<\/p>\n<p>Hochstein said references to contractual amounts are an &quot;excuse&quot; because those levels should be the &quot;floor, not a ceiling&quot; in terms of appropriate energy supply.<\/p>\n<p>The fact that prices went up to historic highs means that there&#x27;s demand that&#x27;s not being met, and producers should bring on supply &quot;above and beyond&quot; contractual obligations to bring prices down, he said.<\/p>\n<p>He added that Russia, as an energy supplier, has a responsibility to increase supply to help importers sustain normal economic activity so that GDP growth will not be affected by high oil or gas prices.<\/p>\n<p>Russia cannot claim to be a &quot;reliable supplier&quot; but stick to delivering contractual levels only, he said.<\/p>\n<p>They have not broken any laws, Hochstein acknowledged. But he said it seems that Moscow&#x27;s energy policy has been to &quot;never let a good crisis go to waste.&quot;<\/p>\n<p>&quot;Unfortunately, I think that that&#x27;s how they&#x27;ve been behaving,&quot; he said.<\/p>\n<p><em>\u2014 CNBC&#x27;s Sam Meredith, Holly Ellyatt, Chloe Taylor, Silvia Amaro contributed to this report.<\/em><\/p>\n<p>Source: <a href=\"https:\/\/www.cnbc.com\/2021\/11\/11\/amos-hochstein-russia-took-advantage-of-europes-energy-crisis.html\" target=\"_blank\" rel=\"noopener\">Read Full Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Russia did not cause Europe&#x27;s energy crisis<\/p>\n","protected":false},"author":3,"featured_media":144382,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[23051],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.7 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>U.S. official says Russia &#x27;took advantage&#x27; 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