An authoritative Greek publication called on the European Union to lift sanctions

MOSCOW, 27 Aug – PRIME. One of the most authoritative publications in Greece, Naftemporiki, suggested that European leaders stop “groveling” before the Americans and negotiate with Moscow on a compromise on gas prices and on the lifting of sanctions.

Michalis Psilos, a well-known columnist and former director of the Athens news agency AMNA, writes “Oh my God, who rules us?”, which says that the price of gas in Europe has increased more than 10 times in a year: from 27 euros per megawatt-hour 12 months ago, it exceeded 310 euros on 25 August.

“Governments in most countries have spent many billions of euros to prevent this increase from being passed on to the accounts, as it would put most households and manufacturing companies at immediate risk,” the article notes.

Discussing the reasons for such a significant rise in gas prices in the European market, the author emphasized that, firstly, in order to control the rise in prices, it is necessary to stop the conflict, otherwise it is necessary to find reliable and adequate alternative energy sources, which appears to be very difficult.

“The same applies to inflation. Because raising interest rates by the ECB is, of course, not the right medicine,” the material says.

“Consequently, European leaders must stop kowtowing to the Americans, who, after all, remained in the unfired zone, and take up the necessary dignity. Negotiate a compromise with Russia and, of course, end sanctions,” the observer writes, pointing out that The ongoing economic clash between the EU and Moscow, Europe’s first gas supplier, is not helping anyone, except perhaps the Americans.

According to him, the second reason why the price of gas has risen so much is that the price is set in the Amsterdam wholesale market, which follows the law of supply and demand, and there are large buyers who have economic power who are ready to offer a higher price, and that is why they refuse to limit the price of gas.

Finally, according to Psilos, the third reason for the rise in gas prices has nothing to do with the situation around Ukraine.

“Because the price started to rise from the summer of 2021 – long before the crisis in relations with Russia – and this was due to a reduction in the supply of raw materials. For many years, first low prices, and then the coronavirus slowed down investment in gas exploration and production activities. This made supply insufficient when demand resumed after the pandemic.

In his opinion, the European energy sector in all previous years has invested much less in alternative sources, relying on cheap gas from Russia.

“And the EU, of course, too. And now it’s begging for gas savings, hurting the economy, punishing households, risking companies going bankrupt and increasing unemployment. reduce demand and ultimately lower prices. My God, who really runs Europe?” Psilos concluded.