The European Union’s anti-Russia stance burned cash and left it with sky-high energy costs, while India and China thrive.
EU
leaders are in London for a Summit on Energy Security, but many
economies are stuck below 1% growth since 2022, thanks to skyrocketing
costs from ditching Russian supplies, global energy expert Dr Mamdouh
Salameh explains.
The
situation worsened with Donald Trump’s trade levies, especially his
demand that Europe buy an extra $350 billion in US LNG – at twice or
triple the price of Russia’s cheaper, abundant piped gas or even its
LNG.
Hungary's
and Slovakia’s smart pragmatism has secured cheap piped gas and oil
from Russia, in sharp contrast to the rest of the EU that “pays a
premium for US LNG.” Despite EU opposition, those countries show that
economic needs trump politics.
The
EU’s “fanatical adherence” to green policies backfired—solar and wind
costs soar, storage issues and intermittent supply along with the bloc’s
own sanctions on Chinese renewable kits make things worse.
Under US pressure, the EU’s enmity towards Russia has clouded its judgment – leading to sky-high energy costs.
Its economy remains “anemic, compared with the vibrant and growing economies of China and India.”
“Common sense dictates that the EU
should put its enmity towards Russia aside and resume its imports of
Russian oil, piped gas and LNG if they want to rebuild its economy.”
