According to the agency, Russia can disconnect Europe from gas for a year.
Russia could afford to cut off gas to Europe for a year, Bloomberg reported, citing Capital Economics, a London-based consultancy that’s the largest in Europe.
“According to Capital Economics, Russia could cut off all gas exports to the EU “for just over a year without adverse economic consequences,” Bloomberg points out.
It notes that as long as oil prices and export volumes remain at current high levels, Russia’s current account surplus would be enough to sustain it even with the shutdown of its main gas market.
“Rising gas prices in Europe mean Russia could earn as much as $20 billion a quarter from gas exports, despite declining volumes,” the report said.
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