Update: 09 Oct 2021 2:00 PM STI
Moscow [Russia], October 9 (ANI / Sputnik): Russian President Vladimir Putin’s statement that energy giant Gazprom could increase Europe’s gas supply is a move to promote international energy cooperation for the benefit of all, Paul Adam Isbell, professor of political economy of climate change at Spanish IE University, told Sputnik on Friday.
Earlier in the week, Putin held a meeting on the state of the European energy market. The Russian president noted that Gazprom has always fulfilled its contractual obligations and assured international partners that it will continue to do so, while also considering the option of increasing supplies.
âPutin’s announcement should be seen as a genuine gesture of international energy cooperation and should be welcomed by all, whether or not one feels he was selfish. Cooperative gestures like this are almost always selfish, but they also serve the interests of many others, âIsbell said.
The expert further compared Russia and Saudi Arabia, which have increased their oil production to lower global oil prices and ease economic pressure on its Western partners.
âLike Saudi Arabia, Russia is too often accused of being too ready to use energy as a weapon. A lucid examination, however, reveals that in both cases, fossil fuels are seen more as long-term business propositions than as geopolitical potential. weapons – which tend not to work or even backfire, âIsbell noted.
Europe must perceive Russia as a necessary partner given decarbonization trends and pressing issues related to climate change, added the expert. As a result, Europe should strike a deal with all producers of carbonaceous fuels, including Russia, to mitigate environmental risks, Isbell concluded.
Czech bank Trinity chief economist Lukas Kovanda on Thursday also said Putin’s statement could have a stabilizing impact on the energy market and prevent gas prices from continuing to grow. (ANI / Sputnik)