Europe's dependence on Russian gas down to 10% since war-start - IMF

Europe's dependence on Russian gas down to 10% since war-start - IMF

Since the onset of Russia’s full-scale aggression against Ukraine and the introduction of Russia sanctions, European countries significantly reduced their dependence on Russian gas - from 40% before the war to 10% at the current stage.

That’s according to Alfred Kammer, Director of the European Department of the International Monetary Fund, who spoke at a press conference in Washington, D.C., on Friday, Ukrinform's own correspondent reports.

"Our dependence on Russia has fallen quite significantly, from 40% before the war to 10% now," official said.

Read also: Ukraine’s first biomethane production plant connected to gas network

He emphasized that the European market is now increasingly being filled with alternative gas supplies. In this regard, he pointed to the supply of liquefied natural gas (LNG) to Europe by sea.

"And the same is applicable on the oil side where Russian oil and oil products are being substituted through other import channels," Kammer noted.

Read also: PM Shmyhal meets with IMF Chief Georgieva

In addition, he emphasized that financial linkages with the Russian economy remain “very limited” and that they have been “reduced further.”

As Ukrinform reported earlier, the IMF has repeatedly named the war launched by Russia against Ukraine, as well as the consequences of the pandemic, among the main reasons for the reduction in the development of the global economy.

Sign up for our free newsletter

Let’s get started read our news at facebook messenger > > > Click here for subscribe

While citing and using any materials on the Internet, links to the website not lower than the first paragraph are mandatory. In addition, citing the translated materials of foreign media outlets is possible only if there is a link to the website and to the website of a foreign media outlet. Citing and using materials in offline media, mobile apps, Smart TV are allowed only with written permission from Ukrinform. News and publications marked as "Advertisement" and "PR" and articles in the section "Releases" include promoted content, and an advertiser is responsible for the content.

© 2015-2023 Ukrinform. All rights reserved.

Website design Studio Laconica

Extended searchHide extended search
By period: