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Russia Warns EU of Soaring Energy Prices

Russia Warns EU of Soaring Energy Prices

Saturday, 12 March, 2022 - 08:45
A Russian construction worker speaks on a mobile phone during a ceremony marking the start of Nord Stream pipeline construction in Portovaya Bay some 170 kms (106 miles) north-west from St. Petersburg, Russia on April 9, 2010. (AP)

The European Union faces soaring energy prices in the wake of sanctions imposed against Moscow over events in Ukraine, Interfax quoted a Russian foreign ministry official as saying on Saturday.

Nikolai Kobrinets said Russia was a reliable supplier of energy, but was ready for a tough confrontation in the sector if necessary. He did not provide details of what that confrontation might entail, AFP said.

He said the situation on global energy markets would lead to the EU paying at least three times more for oil, gas and electricity.

"I believe the European Union would not benefit from this - we have more durable supplies and stronger nerves," Kobrinets told Interfax.

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