Russia to cut Finland's natural gas in latest energy clash


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Russia's long term economic future is bleak due to western sanctions

Highly unlikely. I repeat one more time one simple point: Russia has everything to meet the basic needs of its populations: food, warmth, energy, water. While some "erosion in living standards" is possible, it's nothing in comparison to the situation in the U.S. and UK. Russians do not suffer from record gas prices as Americans do now, they do not transport baby formula with military cargo planes, and they do not skip one meal a day and do not warm and wash themselves at Macdonalds as many Britons do now. And it's just a beginning.

0 ( +0 / -0 )

Russian economy is pretty much better now and will fare even much more better in future

Probably not. The IMF is predicting the Russian GDP will fall 8.5% this year compared to last. Private economists are predicting GDP declines of between 10-15% compared to last year. Most of that decline will materialize in the 2nd half of the year as supplies of sanctioned goods are used up sanctions make restocking impossible. Two factories building armored vehicles in Russia have already had to close due to lack of sanctioned components they use. Example, many of their armored vehicles and trucks us American made Cummins diesel engines including the HUMVEE looking Tigr you see so many of blown up in Ukraine.

Limited access to foreign capital leaves oil companies reliant on prepayment deals and facing significantly higher cost of capital.

Russian household incomes are still below 2014 levels and in 2019, before the COVID-19 pandemic struck, annual economic output was valued at $1.66 trillion, according to the World Bank, far below the $2.2 trillion in 2013. Russian nominal per capita GDP, double China's in 2013, was now behind that of China. The slow erosion in living standards also risks fanning popular discontent, threatening an administration that has already faced sporadic protests. Spillover may be inevitable.

Russia's long term economic future is bleak due to western sanctions.

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Finland and Estonia right now are almost finished building offshore LNG terminals with pipelines connecting both nations. The two nations announced the project in 2014 and commenced construction in 2019. It will complete this year, allowing the Baltic countries to import LNG by ship from other supplier nations. For Finland, Russia's action is a non-problem.

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Natural gas accounted for just 6% of Finland's total energy consumption in 2020

LOOOOOL! Finland gets 9% of its energy from wind. Putin has hurt them less than if he’d set up a giant sheet to block the breeze like a Saturday morning cartoon villain.

These feeble attempts at energy extortion are probably the greatest gift anyone has every given green energy advocates

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@Olegek: It was about the King status of PetroDollars, the world universal currency is US dollar. If any country attempted to pay in other curency for daily high value deals(Usually refer to oil or natural gas) will severe afftect the US dollars dominance of world economy. Putin is challenging US dollars by demanding "Unfrienndly Customers" to pay by Rubles, Russia is world no.1 oil/gas producer, an ace card in his hand.

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> Russia will cut off natural gas to Finland after the Nordic country that applied for NATO membership this week refused President Vladimir Putin's demand to pay in rubles, 

I can't understand - what a problem to pay it in roubles?

much ado about nothing

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Russian economy is pretty much better now and will fare even much more better in future. Russia has all it needs: a lot of cheap food, water, energy, Western sanctions (fifth, sixth, seventh package of them, "sanctions from hell", who cares?) had rather insignificant effect. And what the West is going to do when Russia will start its own sanctins? What it is going to do without cheap Russian energy and fertilizers?

-4 ( +0 / -4 )

Asakaze - that's cute if you think Russia's economy is going to fare any better than Europe's or America's any time soon.

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Better to decouple from reliance on Russian energy sooner rather than later

Yeah, do it. Hire Greta Tunberg, she'll solve the problem. Meanwhile Russia will decouple from reliance on Euro which becomes worthless paper in near future, as well as dollar.

@Desert Tortoise

Suddenly Russia will not accept payment in either currency and is demanding payment in Rubles

Not suddenly, but after Europe froze Russian euro bank accounts. Europeans thought they were clever with their scheme "give us your gas now, we'll actually pay later, when we feel likely to do it - may be in a year, may be in a decade". "Big mistake", as Shwarzenegger used to say in his great movies.

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Kyo - allow me to clarify - I haven't seen anyone on JT say that anyone has a right to Russia's energy free of charge. Have you?

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Its about natural gas not about oil.

Propane and other gasses /tanes are precipitates in pockets above the oil reserves

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Finlands natural gas is finished !

No big surprise.

Japan might be next.

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Why should Russia give it too them for free?

Russia was always paid for their gas. The contract they signed with Finland states payment is to be remitted in Euros or US Dollars. Suddenly Russia will not accept payment in either currency and is demanding payment in Rubles. It's a breech of contract on Russia's part. In any event natural gas constitutes less than 20% of Finland's total energy use. They are not as tied to Russian energy as many other European nations are.

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Lamily - I don’t think anyone disagrees with that statement. I hope Europe can wean themselves from their reliance on Russian energy as quickly and painlessly as possible, for the sake of all involved.

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It's their oil, they can do what they like with it

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Putin the war criminal. He should be in The Hague facing criminal charges.

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Why should Russia give it too them for free?

they are forcing themselves to buy very expensive US LNG. They already are signing about a $700m, 10 year lease for a floating US owned LNG docking station. USA citizens may be suffering a recession, but the oil and weapon companies are rolling in it.

-4 ( +2 / -6 )

Better to decouple from reliance on Russian energy sooner rather than later.

1 ( +4 / -3 )

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