Russia warns EU of soaring energy prices

The European Union faces soaring energy prices in the wake of sanctions imposed against Moscow over events in Ukraine, Interfax quoted a Russian foreign ministry official as saying on Saturday.

Nikolai Kobrinets said Russia was a reliable supplier of energy, but was ready for a tough confrontation in the sector if necessary. He said the situation on global energy markets would lead to the EU paying at least three times more for oil, gas and electricity.

"I believe the European Union would not benefit from this - we have more durable supplies and stronger nerves," Kobrinets told Interfax.

"Russia remains a reliable supplier, a world-class guarantor of energy security. We value this reputation, but are ready for a harsh confrontation in the energy sector, if the need arises," Kobrinets told Interfax in an interview. "I believe, the European Union would not definitely profit from it, because we have a greater safety margin and stronger nerves."
Kobrinets' remarks come after the European Commission announced March 11 proposals to "phase out" Russian fossil fuels by 2027, after leaders met in Versailles to coordinate further responses to Russia's invasion of Ukraine. The EC had already outlined a plan to reduce EU demand for Russian gas by two-thirds by the end of 2022.

French President Emmanuel Macron also said "nothing is off the table" when it comes to potential new measures against Moscow, after being asked whether the EU could consider a more immediate ban on Russian oil and gas imports, or blocking Gazprombank from the SWIFT banking system. The EU's move comes after the US and UK announced bans and phase-outs on the import of Russian oil and products, escalating the scale of sanctions targeting the Kremlin.