Greek PM says EU will not be able to replace Russian gas

MOSCOW, 3 Oct — PRIME. The European Union will not be able to find a replacement for Russian gas in the short term, Greek Prime Minister Kyriakos Mitsotakis said.

“No matter how prices rise, Europe as a whole will not be able to fully replace the volumes it has lost in the short term,” he wrote in his column for Bloomberg.

At the same time, the ability of the EU to find an alternative supplier depends on both physical and economic factors, the politician noted.

In addition, Mitsotakis supported the initiative to limit the prices of imported fuel, which, in his opinion, have reached “unprecedented levels.” According to the Greek prime minister, in the first quarter of this year, EU fuel import costs increased by 62 billion compared to last year, and by the end of the year the figures will rise to “hundreds of billions” and even trillions, if we take into account the side effects on the electricity market and in in general in the economy.

The increase in the cost of buying fuel is due to the fact that the EU was able to attract supplies, but “neglected the price issue,” Mitsotakis said. Now European consumers are forced to save energy and switch to alternative fuels, he stressed and urged “to draw a line between a reasonable reduction in energy consumption and uncontrollable prices.”

“Sooner or later the markets will come into balance – but without price capping, the cost of this balance will be measured in destroyed lives and lost jobs,” the politician added.