Greece tells Germans fearing huge heating bills to 'come here for winter'

Russia sanctions: Can the world cope without its oil and gas?

Past Jake Horton & Daniele Palumbo
BBC Reality Check

Employees walk at the construction site of a gas metering station, part of the pipeline link between Bulgaria and Greece near the village of the Malko Kadievo, on March 18, 2022

Several European countries say they have received significantly less Russian gas than expected in recent weeks.

Gas flows take been halted completely from major a pipeline into Europe for annual maintenance, with Germany expressing fears the shutdown could become permanent.

Western leaders have imposed a series of sanctions on Russian oil and gas following the invasion of Ukraine. In that location are warnings Russian federation may stop supplying gas to Europe this winter in retaliation.

What sanctions are in place?

It will permit oil to continue to exist imported by pipeline, with EU leaders proverb this is a "temporary measure" because countries like Hungary and Slovakia depend on it.

The EU has besides committed to reducing gas imports from Russia past ii-thirds inside a year, but it has been hard to get agreement on any further measures, such as an outright import ban.

In add-on to these Eu sanctions, the US has alleged a complete ban on Russian oil and gas imports. The UK is to phase out Russian oil imports past the cease of the year.

President Putin has demanded that "unfriendly" nations in Europe pay for gas in Russian roubles, which would assistance prop up the value of the currency.

Poland, Republic of bulgaria and Finland refused to do so and Russian federation cut off their supplies.

Several other European free energy companies are paying for gas via Russian banking company accounts, which convert euro payments into roubles. They insist those payments are in line with European union sanctions.

How much does Europe rely on Russian gas?

Russia supplied the European union with 40% of its natural gas final year.

Deutschland, Europe's largest economy, was the largest importer of Russia gas in 2020, followed past Italy.

The Britain is less reliant on Russian gas, importing just 4% of its needs from at that place last yr, and the US doesn't import whatsoever gas from Russia.

There'due south doubt over whether the Eu will be able to detect other gas supplies than Russia's.

"It would have to plow to producers such the US and Qatar, which would transport liquefied natural gas (LNG) in tankers," says energy advisor Kate Dourian.

"Only there aren't enough LNG terminals in Europe. This is will be a problem for Germany, particularly. It merely doesn't take the equipment to unload it."

Will Europe run curt of oil?

Many European nations could have their oil supplies squeezed by the ban on Russian imports.

Lithuania and Finland got about fourscore% of their oil from Russia in November last year, the latest data available.

However, Eu countries tin always buy oil from other producers.

The IEA - a club of oil importing countries - have released 120m barrels-worth of crude from their stocks, and U.s. President Joe Biden ordered a major release of oil from America's reserves.

"Nations like Kingdom of saudi arabia might outset putting more oil onto the earth market place later in the year, and there could be more supplies from the U.s.a.," says Kate Dourian.

Volition sanctions piece of work?

Helped by soaring energy prices, Russian federation received an estimated €400bn ($430bn, £341bn) over the by year from oil and gas exports to Europe.

The European union says their latest sanctions could cut the amount of oil it buys from Russia by 90%. Yet, its sanctions will take several months to come into full effect, and even so Russian federation will be able to sell its oil elsewhere effectually the world.

"Countries in Asia might buy upwardly to one million barrels per day more crude oil from Russia than they are taking now," says David Fyfe, principal economist with energy data business firm Argus Media.

"Equally a result of all the sanctions announced and so far, Russia may lose between ane third and a half of its total oil revenues, but not all of them."

What will happen to my heating and fuel bills?

Consumers are facing ascension free energy and fuel bills as sanctions on Russian energy kicking in.

Heating prices are probable to increase even further if Russian gas exports to Europe are restricted.

In the UK, household energy bills have been kept in check by an free energy price cap.

Just bills rose £700 to virtually £2,000 in April when the cap was increased. They are expected to achieve about £three,000 when the cap is increased once more this autumn.

UK petrol and diesel fuel prices take too soared, and the authorities has announced a cut in fuel duty every bit motorists struggle with record prices.

Source: https://www.bbc.com/news/58888451

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