Medvedev raised his forecast for gas prices until the end of the year

MOSCOW, August 28 – PRIME. Deputy Chairman of the Security Council of the Russian Federation Dmitry Medvedev raised his forecast for gas prices. He expressed confidence that by the end of the year it could rise to 5,000 euros per thousand cubic meters.

Earlier, Medvedev predicted that the gas price for the EU could reach $4,000 by the end of the year.

“In connection with the increase in gas prices to €3,500 per thousand cubic meters, I have to increase the forecast cost to €5,000 by the end of 2022,” the politician wrote on his Telegram channel.

“With warm regards (eng. “with warm wishes” – Approx. ed.),” Medvedev added, addressing the heads of state and government of the countries of the European Union.

Exchange gas prices in Europe approached record levels against the backdrop of continued limited supplies of blue fuel from Russia, according to data from the London ICE exchange and gas transmission operators. The settlement price of gas futures for delivery in September (according to TTF) was $3,507.3 on the last trading day of the week – August 26, which was a record value for the entire period of operation of gas hubs in Europe – since 1996. The indicator for the week rose by about $ 1,000, or almost 40%. At the same time, gas quotes on Friday at the moment reached $3,525.9 and took another step towards updating the historical maximum of $3,892.

After the start of the Russian special operation in Ukraine, Western countries began to impose sanctions against the Russian Federation, in particular, on Russian energy resources. Russian President Vladimir Putin has said that the policy of containing and weakening Russia is a long-term strategy for the West, and sanctions have dealt a serious blow to the entire global economy.