Russian minister: EU gas price to rise 50% if Gazprom supplies stop

MOSCOW, Apr 4 (PRIME) – European gas prices will rise 50% if the E.U. opts not to buy the blue fuel from Russia, Energy Minister Alexander Novak said late Thursday.

“Abandonment of natural gas supplies via pipeline transport and the construction of regasification terminals and liquefied natural gas (LNG) deliveries will result in an increase of the European gas price from the current U.S.$380 per 1,000 cubic meters to at least U.S. $550,” he told Rossiya-24 television channel in an interview.

“The question arises: is the European economy ready to supply and consume gas at this price?”

The European Commission is currently considering switching to the U.S. LNG as Russia’s annexation of Crimea from Ukraine triggered the worst standoff between East and West since the Cold War era.

The E.U. is now researching its energy dependence and energy security issues with the report to be ready in June.

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