Tuesday, November 29, 2022
According to economist Fatih Birol, former International Energy Agency executive, there are three reasons for this. First, at the beginning of the war, 75% of Russia’s gas exports and 55% of Russia’s oil exports went to EU countries. Thus, the Russian Federation has lost the largest buyer of Russian energy resources. To supply gas and oil to Asian countries, Russia will have to spend many years and considerable funds constructing new pipelines. In addition, the aggressor country will not be able to immediately start actively supplying gas and oil, even by sea. A tanker with energy resources travels from Russia to the EU in five days but to Asia in 65 to 75 days. Another factor is that the energy giants of the Russian Federation will need a considerable amount of the latest technologies to develop geologically complex oil and gas fields. However, most Western technology companies have left the Russian market due to sanctions connected with the war in Ukraine.