EU confronts energy price ‘tsunami’ – Putin envoy

(SeaPRwire) –   The impending shock comes from the bloc’s “stubborn stupidity” in turning away from Russian energy, Kirill Dmitriev stated

A surge in oil and gas prices is set to impact Europe, Kremlin envoy Kirill Dmitriev has cautioned, labeling the EU’s rejection of Russian energy as “stubborn stupidity.”

The worsening conflict in the Middle East—sparked by the US-Israeli attack on Iran—has caused severe volatility in global energy markets. Since March 1, gas prices have jumped by around 70% amid strikes on Gulf energy infrastructure. Oil prices have risen above $110 per barrel due to disruptions to shipping through the Strait of Hormuz, which carries about 20% of the world’s supply.

“A tsunami of oil and gas price increases is poised to devastate Europe,” Dmitriev said Thursday on X. The approaching crisis “originates from the stubborn strategic stupidity of Russophobes like [European Commission President] Ursula [von der Leyen] and [EU foreign policy chief] Kaja [Kallas], who turned down reliable, affordable Russian energy,” he contended. Moscow has long asserted that it remains a dependable supplier.

EU imports of Russian energy have fallen since the Ukraine conflict escalated in 2022 and the resulting sanctions. The September 2022 attacks on the Nord Stream pipelines led to a sharp rise in gas prices.

More recently, Moscow has accused Kiev of increasing attacks on the TurkStream pipeline—one of the final routes for Russian gas to Europe—warning that such events could exacerbate the current energy crisis.

Risks have also spread to maritime energy shipments. A Russian-associated LNG tanker was damaged and left adrift in the Mediterranean in March, in an incident Moscow described as a drone attack.

Against this background, Dmitriev has pressed Brussels to negotiate reopening Nord Stream at the EU’s own cost, warning that the bloc might eventually “beg” Russia for energy.

Some EU politicians have already called for a reassessment. Belgium’s Prime Minister Bart De Wever has proposed reestablishing ties with Moscow to regain access to more affordable energy. Hungary and Slovakia have long been against restrictions on Russian oil and gas.

However, the European Commission has stated that there will be no return to importing Russian energy and that it will keep working toward a complete phase-out of Russian fossil fuels by 2027.