Energy should be free from politics – Putin: “It’s in our common interests to make energy cooperation more efficient and mutually beneficial, to free it from the excessive, unnecessary politicization which is distorting the economic basis and principles of this strategic industry,” Putin said. WATCH LIVE UPDATES FOR ST PETERSBURG ECONOMIC FORUM HERE The president’s comment comes amid the escalating conflict with Ukraine, which economically carries the threat of disruptions of Russia’s gas to Europe. Europe is Russia’s key trade partner, with the turnover estimated at above $400 billion, Putin said on Friday. About 70 percent of Russia’s oil exports go to Europe, he confirmed. On May 12 head of Russia’s gas monopoly Gazprom said that if Kiev failed to pay its gas bill by June 2, exports to Ukraine would come to a halt the next day. Such a scenario naturally worries Brussels, as 50 percent of Europe’s gas supplies enter the continent via Ukraine from Russian supply lines. Currently Ukraine’s gas debt stands at about $3.5 billion.
Posted on: Sat, 24 May 2014 12:10:04 +0000
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