Russian gas in demand outside EU – Kremlin

Falling demand in the bloc will be offset by other importers, according to Dmitry Peskov

Falling demand for Russian natural gas in the EU will be compensated for by shifting supplies to rapidly developing regions across the world, Kremlin press secretary Dmitry Peskov said on Wednesday. 

“Europe is not the only consumer of natural gas, nor is it the only continent that needs natural gas to sustain rapid growth,” he stated. 

“There are regions that are developing much faster and have much more ambitious development programs. There, the demand for gas will be able to compensate for the lack of demand in the European direction,” Peskov added. 

The European energy crisis deepened in early July due to interruptions in gas supplies from Russia. Russian energy giant Gazprom was forced to reduce gas deliveries because of technical challenges related to the maintenance of turbines for the Nord Stream 1 gas pipeline. The problems arose due to the Western sanctions on Russia, which have prevented the proper maintenance of equipment and delivery of spare parts. 

READ MORE: Enforcing Russian oil price cap is problematic — Washington Post

Reuters earlier reported that EU gas storages are currently 84% full, a level exceeding the bloc’s pre-winter target. However, analysts warn that gas use over the upcoming winter season will still need to be slashed to avoid the facilities running dry. EU member states have already agreed to curb their gas consumption this winter, with similar measures expected to target the use of electricity.

Find more stories on economy and finance in TROIB business