Europe

Cyprus supports EU move against Russia’s energy cuts

Cyprus supports the EU’s plans to strengthen energy security and storage after Russia cuts off gas supplies to fellow block members Bulgaria and Poland.

Brussels says the energy sector is preparing for a difficult month after an extraordinary meeting of Brock’s energy ministers discusses its strategy on Monday after Russia decided to cut off Poland and Bulgaria last week. ..

They discussed the next steps after Gazprom stopped supplying gas.

The EU is working to fill the continent’s gas storage by autumn.

That’s currently 32%, according to Brock Energy CommissionerKadori Simson, any member state could be the next victim of energy cuts in Moscow.

Brussels is working in parallel with a sixth package of sanctions against Russia, focusing on the phased abolition of oil embargo. Germany, formerly one of its major enemies, now agrees.

Some countries are demanding disciplinary import taxes on Russia’s energy rather than embargoes.

Marios Panayides, Deputy Secretary of Energy for the Department of Energy in Cyprus, said Cyprus is Russia’s least dependent member of natural gas. Nevertheless, it is affected by the significant rise in energy prices.

Cyprus said it supports the EU’s measures for energy security, including regulations on gas storage and proposals for an EU common procurement platform.

According to the Ministry of Energy, Member States have expressed full solidarity and readiness to support affected partners and ensure the EU’s energy supply from credible suppliers.

In his intervention, Panayides noted the importance of leveraging the energy reserves of member countries, including the natural gas deposits of Cyprus.

He emphasized Nicosia’s efforts to create synergies with Greece, Israel and Egypt.

With many European companies facing gas payment deadlines later this month, EU countries have an urgent need to clarify whether they can continue to buy fuel without violating sanctions against Russia. I have.

Moscow said foreign gas buyers must deposit euros or dollars in privately owned accounts Russian bank Gazprombank that converts them into rubles.

The European Commission has stated that countries that comply with the Russian scheme may violate EU sanctions and have declared that payments have been completed in euros and before they have been converted to rubles. If so, it suggests that countries can make payments in compliance with sanctions.

Brussels is drafting additional guidance after Bulgaria, Denmark, Greece, Poland, Slovakia and others have sought clearer advice since last week.

EU countries have paid Russia more than € 45 billion in gas and oil since the invasion of Ukraine on February 24.

Russia supplies 40% of EU gas and 26% of oil imports. This means that Germany and others have resisted calls for a sudden suspension of Russia’s fuel imports for fear of economic damage.

According to diplomats, the EU is moving towards a ban on Russia’s oil imports by the end of the year.

 

post Cyprus supports EU move against Russia’s energy cuts First appeared Financial mirror..

https://www.financialmirror.com/2022/05/03/cyprus-backs-eu-moves-against-russia-energy-cuts/ Cyprus supports EU move against Russia’s energy cuts

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