MOSCOW June 10. 2024 (Saba) - The President of "Rosneft" company, Igor Sechin, has announced that European Union countries have spent nearly $630 billion to replace Russian gas supplies.
According to Russia Today, Sechin, who heads Russia's largest oil company, stated during his participation in the St. Petersburg Forum last week that EU countries have spent over $630 billion on non-Russian gas imports in the past three years until 2023.
Sechin added that the amount ($630 billion) spent by the European Union is close to the size of investments made in the European bloc in eight years, surpassing about four times the total GDP of the Baltic countries and equaling the exports of Sweden and Poland.
He emphasized that 32% of German companies are already planning to relocate their production lines outside of Germany due to the increased energy costs, which have affected the competitive advantage of German goods and products.
Russian gas exports to the European Union decreased against the backdrop of the Ukrainian crisis and sabotage of the "Nord Stream" pipelines due to terrorist acts.
The "Nord Stream-1" was a major route for exporting gas from Russia to Europe.
H.H
resource : Saba
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