Andrea Muratore, author of Inside Over, said that Europe is caught in a “perfect storm”.
Andrea Muratore, author of the project Inside Over by Italian newspaper Il Giornale, declared that Europe is caught in a “perfect storm” because of the standoff with Russia. His article was published on the project’s site.
For example, after the start of the Russian special operation energy prices soared, inflation increased, and the euro weakened against the dollar amid the strengthening of the ruble. He drew attention to the fact that Europe is reducing oil and gas imports from Russia, but their replacement with supplies from other countries will cost more.
“At the same time, Gazprom’s revenues have peaked and the company can demand payment for gas supplies in rubles,” he wrote.
Muratore believes European countries are caught in a trap. According to StartMag magazine, last December the cost of American liquefied natural gas was $415.3 per thousand cubic meters. At the same time, Russian Gazprom’s price was $273. Increasing the share of LNG or supplies from other countries complicates medium- and long-term contracts, the author said.
“From an economic point of view, the gas bill is already unprofitable,” Muratore noted, adding that such a trend would linger for a long time because of volatility.
“The European Union could emerge from the gas war with injuries at best,” he stated.
Earlier, Andrea Muratore said the euro could suffer significantly in the current macroeconomic situation due to tougher U.S. monetary policy and Europe’s dependence on energy supplies from Russia.
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