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.

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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.

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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.

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