The European Union does not rule out the possibility of a significant reduction or even complete cessation of gas supplies from the Russian Federation.
This was announced by the High Representative of the European Union for Foreign Affairs Josep Borrell, RBC-Ukraine reports.
Europe is facing its "most dangerous moment" since the Cold War amid fears Moscow will invade Ukraine. Therefore, the bloc has to reduce its energy dependency on Russia and unite around a comprehensive security strategy.
"The last two years have seen a serious worsening of our strategic environment to the extent that today we are living through the most dangerous moment of the post-Cold War period," Borrell said. "Russia has made its economy more sanctions-proof, it has been building a strong resilience. Russia is today the third holder of assets in dollars — $400,000 million. But we have not done the same in the energy field and we must reduce our dependency on the Russian energy," he added.
According to Borrell, the EU supports Ukraine and is considering many options for a possible response to Russian aggression. At the same time, the European Union is already preparing for a possible significant reduction in the supply of Russian gas or even a complete cessation.
According to Borrel, if diplomacy fails, the European Union will be ready. All possible options are currently being considered. Borrel is convinced that if Russia stops gas supplies, the European Union will be able to compensate for it through more active cooperation with their partners such as the United States, Qatar, and Azerbaijan.
Borrel also once again reminded of the price the Russian Federation will pay in case of an attack on Ukraine. The protentional sanctions will significantly damage Russia’s economy and its financial system.
"The European Union will always demonstrate its support for Ukraine's sovereignty, territorial integrity and its right to self-determination. Ukraine is our partner and neighbor: their security is our security," Borrell said in a statement.