| 27 February 2024, Tuesday |

Promising opportunity emerges for Arab countries, if Washington relinquishes Russian energy

The ongoing war between Russia and Ukraine, which was followed by a package of harsh sanctions by the United States, and the European Union to destabilize the Russian economy and its financial system, and prompt President Vladimir Putin to reconsider his country’s war on Ukraine, has not affected the oil and gas sectors in Russia so far, despite their great importance to Moscow’s budget.

In this context, sources close to the US administration indicated that imposing sanctions on Russia’s energy sector is being discussed. Any Western and US embargo on the Russian energy sector will indeed be painful for Putin, but he will feel its full effect after years.

The sources pointed out to Sawt Beirut International (SBI), that Washington considers that any sanctions on the Russian energy sector will lead to a rise in global oil prices. Therefore, it is studying the matter seriously and meticulously in order avoid its harsh repercussions on global markets.

The sources emphasized that the Russian-Ukrainian war will inevitably lead to a strategy to reduce dependence on Russian energy as soon as possible, including the goal of reducing the use of fossil fuels by 40%.

The sources believed that European countries are reconsidering their policy of relying mainly on Russian energy sources. From this standpoint, European countries are currently seeking to work together within the framework of the European Union institution to adopt a common policy aimed at diversifying sources of gas and expanding its supply lines from other regions such as Central Asia and the Middle East.

The sources stressed that the trend is towards a policy of diversifying energy sources. This would be in the interest of the Arab energy-producing countries, which must be aware of the new changes in the global market, thus, benefit from the new trends of consuming countries. Arab energy-producing countries should leverage from the European Union countries, which are geographically close to the region, as a promising new market for their products and thus as an economic partner, which would provide more exchange opportunities for the benefit of both parties.

  • Sawt Beirut International