EU Energy Crisis Is Its Own Responsibility - Putin

Speaking today at the Russian Energy Week international forum, Putin said that, far from being related to the outcome of the current conflict in Ukraine, Europe's energy crisis is "the result of a wrong policy in the energy sphere for several previous years." 

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The Russian President criticized the EU's spot price mechanism in this regard. This year alone, the bloc could lose up to 300 billion euros in spot prices, about 2 percent of the Eurozone's GDP. 

Putin said this could have been avoided if Brussels would instead choose long-term oil-linked contracts for gas imports. Mentioning the plight of Europeans due to rising electricity and gas bills, Putin took issue with those who claim it is Russia's fault.  

"The population, (in Europe) just as in the Middle Ages, has begun to stockpile firewood for the winter. What does this have to do with Russia? They constantly try to blame their own mistakes on someone else, in this case Russia. It is their own fault; I want to emphasize."

Putin said Russia is ready to supply energy to Europe this fall and winter through the surviving branch of the Nord Stream 2 pipeline, following the leak incident with the sabotage of the Nord Stream 1 and 2 gas pipeline.

"Its capacity is 27.5 billion cubic meters per year, which is about 8 percent of all European gas imports. Russia is ready to start those deliveries. The ball is on the European Union's side."  

Regarding the EU price cap, Putin warned that Russia would not act against its own interests in supplying energy to countries that set a price cap on its production.