Do without Russian fossil fuels, to stop the Russian invasion in Ukraine? An embargo on Russian gas imports would have a “massive” impact on the European economy and would particularly affect industry, the president of the French energy giant Engie, Jean-Pierre Clamadieu, warned on Thursday.
“Today what must be weighed is of course all the moral and political reasons which would push towards new sanctions vis-à-vis Russia and then the massive impact that would have on the economy European Union a halt to imports of Russian gas,” he said on Radio Classique.
“If imports of Russian gas stopped, we would probably be able to replace about half of it, but the rest, in the very short term, should be achieved, obtained, compensated by a reduction in consumption, particularly in the industrial sectors” , said the president of the French energy giant.
“The impact on the European economy, not in the next few months but in the coming winter, would be very significant,” insisted Mr. Clamadieu, as the European Union considers a fifth set of sanctions which, for the first time, includes measures in the energy sector with an embargo on coal purchases from Russia.
Replenish inventory
However, gas is not affected at this stage. Germany in particular, very dependent on its imports from Russia, is firmly opposed to it. The challenge is to be able to replenish gas stocks – about 20% currently filled in France – for next winter.
“I think that by probably next week, we will be in a sustainable way in which we are preparing for the next winter by bringing gas into our storage”, depending on the weather, said Jean-Pierre Clamadieu. .
“In April we will have record arrivals of boats in Europe” carrying liquefied natural gas (LNG), he predicted. Moscow has also threatened to cut gas supplies to “unfriendly” countries that refuse to pay in roubles.
“For the moment we continue to put euros in Gazprombank’s accounts and we continue to receive Russian gas, so this is a subject that is more technical than what one might have thought after the declarations of such and such “, assured Jean-Pierre Clamadieu.