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Updated October 14th, 2021 at 11:41 IST

Russia denies claims it limits gas supplies; blames Europe for fuel crisis

As a devastating energy crisis continues to grip European markets, the Russian Federation denied accusations of using energy as a political weapon.

Reported by: Riya Baibhawi
Russia
Image: AP  | Image:self
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As a devastating energy crisis continues to grip European markets, the Russian Federation denied accusations of using energy as a political weapon. Russia, which accounts for at least 41 percent of EU’s gas supplies, was earlier accused of deliberately holding back supplies and exacerbating the situation. But on October 13, Russian President Vladimir Putin dismissed the claims stating that “complete rubbish and politically motivated tittle-tattle".

Since January, the wholesale prices of gas have surged by 250 per cent across the European continent, prompting leaders to mull a potential purchase of strategic gas reserves. While increasing domestic and industrial demands have played a major role in sending the fuel prices to astronomical highs, it is Moscow’s limited supply. On Wednesday, Putin pinned the blame of the crisis back on Europe, reckoning that it was them who failed to pump ‘sufficient volumes’ of gas in storage following last year’s winters. Talking about Russian supplies, he said that Gazprom was already supplying at its maximum capacity. But he added that there wasn’t any refusal from the Russian side and that they could surge supplies on request. 

Europe to combat crisis 

Since the spike, many countries, including Spain, Germany and France, have taken individual steps to combat the energy crisis. While Spain has capped the energy prices, France has promised a one-time payment of up to €100 to people battered with the gigantic energy bills. Recently, Europe’s energy ministers joined forces to establish a plan to reduce their dependence on foreign gas and purchase supplies as a part of a larger effort to combat Russia’s stake in highly coveted resources. As Moscow continues to surge gas prices, the 27 member bloc is set to purchase strategic gas reserves. It is worth mentioning that 41 per cent of the bloc's gas comes from Russia, which was recently asked to pump more of it to the bloc. 

Meanwhile, the UK government is planning to back energy-intensive industries financially to keep the sector on track, the BBC reported on Tuesday. According to the report, the Department for Business has demanded the Prime Minister to offer a relief package to encourage energy-intensive industries. The significant development came after Business Secretary Kwasi Kwarteng asked the government Treasury to finance the industries hit by rising energy costs. According to BBC, the proposals include loans worth hundreds of millions of pounds. 

Image: AP 

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Published October 14th, 2021 at 11:41 IST

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