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FX.co ★ Boris Johnson urges Europe to end addiction to Russian oil and gas

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Forex Humor:::2022-03-31T12:20:11

Boris Johnson urges Europe to end addiction to Russian oil and gas

UK Prime Minister Boris Johnson called on other European leaders to withstand the Kremlin’s “bullying” and “blackmail” over Russian oil and gas exports. Sadly for Europe, there is a long path before Western nations overcome this addiction. Besides, the EU is facing a challenge of seeking new oil and gas suppliers.

Western policymakers are on the same page that Moscow weaponizes its petroleum exports. While bombing civilians in Ukraine, the Kremlin is benefitting from soaring energy prices at the same time. “We cannot go on like this. The world cannot be subject to this continuous blackmail," the PM pointed out. Boris Johnson warned about rough times ahead. “As long as the West is economically dependent on Putin, he will do all he can to exploit that dependence,” he added. Once European consumers are free from Russian oil and gas as well as fossil fuel, they will ensure their energy security.

In his newspaper article, Mr. Johnson acknowledged "a terrible mistake" was made following Russia's annexation of Crimea in 2014, when Western countries "decided we could somehow go back to normal". Having condemned Moscow’s dodgy policy, the US and its European allies made concessions, including the energy sector. "Economic relations did not just resume - they intensified, with the West taking more Russian gas than ever before, becoming more dependent on the goodwill of Putin and more exposed to the vagaries of the global gas and oil price," he concluded.

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