Europe can’t replace Russian oil and gas supplies, no matter how much the US and Qatar pony up

By sanctioning Russia without a plan for replacement fuel, the European Union may have hurt itself more than Moscow in its drive to punish Russia over its invasion of Ukraine, former European diplomat Alastair Crooke told RT.

NATO’s economic attack on Russia has split world powers into “two separate spheres,” Crooke explained on RT’s ‘Going Underground’ on Saturday. He argued that by completely decoupling the price of commodities from the US dollar, sanctions on Russia have essentially dynamited the credibility of the fiat currency system, and Europe has made the wrong move by rushing forward to bludgeon Russia with sanctions without lining up a backup source of fuel.

“In many ways, Europe has not sanctioned Russia, it has sanctioned itself,” Crooke said, pointing out that the conflict in Ukraine is essentially being paid for by $100 billion in European funds previously sent to Moscow to pay for fuel, and the the Europeans “cannot get gas from anywhere else that will substitute for Russian gas.” By cutting itself off without lining up a backup, the continent has signed its own death warrant, as Europeans will have a difficult time surviving under double-digit inflation without critical (now-sanctioned) commodities like fertilizer and certain types of food, he continued.

READ MORE: Anti-Russian sanctions don’t work – Poland
“I don’t see any sign that Europeans gave any thought to the strategic consequences of what they were doing,” Crooke observed, suggesting the “fervor” to take down Russia had eclipsed its common sense. The EU gets 40% of its gas from Russia, while the US’ offer of liquefied natural gas will only cover 4% of its needs and Qatar cannot supply the remainder.

“They go into these things without any thinking and they suddenly say ‘we’re going to divest ourselves from any reliance on Russian oil or gas within the year’ - How?” Crooke asked incredulously, marveling at how the continent could not have predicted that Russia would demand payment for its gas in rubles. “People are going to feel a huge amount of pain … gas and electricity have gone up 50%, they’ll probably go up another 100% before the end of this year. How are people going to survive with this?

https://www.rt.com/news/553191-europe-russian-gas-sanctions-crooke/

Nothing like EU......EU controlled by USA

When going for a battle always dug two grave

Lol! They didn't think and deliberate properly before imposing their sweeping sanctions on Russia. But now it seems,they shot themselves on the foot.

Let's see how it plays out , hope it benefits Nigeria

Terrorist America reign of terror has been defeated. Bastard America has been reduced and cut to size. China has taken the lead with protection from Russia military, the greatest fighting force in human history

useni1:
Terrorist America reign on terror has been defeated. Bastard America has been reduced and cut to size. China has taken the lead with protection from Russia military, the greatest fighting force in human history

This guy is really suffering from America derangement syndrome.

EU didn't miscalculate anything.They not like putin who miscalculate his invasion later started regreting.

“In many ways, Europe has not sanctioned Russia, it has
sanctioned itself,” Crooke said, pointing out that the conflict in Ukraine is essentially being paid for by $100 billion in European funds previously sent to Moscow to pay for fuel, and the Europeans “cannot get gas from anywhere else that will substitute for Russian gas.”

Leader failure everywhere

Onyiiobi7735:
Lol! They didn't think and deliberate properly before imposing their sweeping sanctions on Russia. But now it seems,they shot themselves on the foot.

Don't mind them,they are controlled by US.

VictorUSA:
This guy is really suffering from America derangement syndrome.

watch your mouth before you become LOSERUSA

In a sane world this ought to be a huge benefits for Nigeria.

But we have incompetent and brainless leaders at the helm of affairs

useni1:
watch your mouth before you become LOSERUSA

You're the loserusa as your expectation in ukraine failed.Ukrainian army crushing putin's army and retreating them;destroying their tanks and other weapons.America is watching from distance.If putin is a man he should take the fight to their doorstep.USA remains WORLD POWER forever.

useni, you are the biggest loser of all time.

After all the sanction

The war has yet to be stopped why?


Instead of stopping the war

Sanctions is about to

Make Europe economy collapse
Kill petrol dollar and rise the gold rubble

hopeforcharles:
Let's see how it plays out , hope it benefits Nigeria

If Nigeria has a growing gas industry that can rival qatar