Vestnik Kavkaza: Ukrainian crisis and gas blackmail by Moscow
As the major political crisis began in Ukraine, the geopolitical competition between Russia and the West stiffened. However, despite addresses of the self-declared Ukrainian authorities to their “supervisors” in Europe and the USA to help them, the West made it clear that NATO wouldn’t fight Russia for Ukraine. Instead of this Washington and Brussels threaten Moscow with economic sanctions. One of the most important directions is the weakening of Russia as one of the major gas exporters to Europe.
The Russian share in European gas supplies is not very big – about one third of all gas consumed by Europe; but it is about 150 billion cubic meters, and it should be replaced or certain industries and public services should be modernized. The point is in prices.
According to the data by Bernstein Research initiated by The Financial Times, such modernization will cost $215 billion investments along with annual “installments” of $37 billion; all in all $400 billion will be spent in first five years. Of course, a similar sum was equal to the Greek debt waived by the Europeans. However, Ukrainian requests to give it at least 35 billion euros are considered only in the form of a loan.