UPDATE 1-Putin says impossible for Europe to stop buying Russian gas

Thu Apr 17, 2014 4:41pm IST

Related Topics

Stocks

   

(Adds detail, quote)

MOSCOW, April 17 (Reuters) - Russian President Vladimir Putin said on Thursday it would not be possible for Europe, which is trying to cut its reliance on Russian energy, to completely stop buying Russian gas.

Putin also said that the transit via Ukraine is the most dangerous element in Europe's gas supply system, and that he was

hopeful a deal could be reached with Ukraine on gas supplies.

Russia meets around 30 percent of Europe's natural gas needs. Moscow's actions in Ukraine have spurred attempts by the continent to reduce its dependency on oil and gas supplies from the former Cold War foe.

"Of course, everyone is taking care about supply diversification. There, in Europe, they talk about increasing independence from the Russian supplier," said Putin.

"It's just like we begin to talk and take action towards independence from our consumers," he added. Russia has made efforts to forge closer ties with Asia.

Reuters calculations suggest Europe's efforts could slash imports from Russia by around 45 billion cubic metres (bcm) by 2020, worth $18 billion a year, equivalent to a quarter of what Russia currently supplies.

"We sell gas in European countries which have around 30-35 percent of their gas balance covered by supplies from Russia. Can they stop buying Russian gas? In my opinion it is impossible," he said during an hours-long televised question and answer session. (Reporting by Christian Lowe, Vladimir Soldatkin and Polina Devitt, writing by Megan Davies and Vladimir Soldatkin; Editing by John Stonestreet)

FILED UNDER:

Monetary Policy Committee

Reuters Showcase

Microfinance

Microfinance

Funding the unfunded: India helps small business borrow to grow  Full Article 

Insurance Sector

Insurance Sector

UK healthcare firm Bupa sees strong growth in India  Full Article 

Sensex Rises

Sensex Rises

Sensex edges up; consumer and healthcare stocks rise  Full Article 

Market Eye

Market Eye

FTSE adds nine Indian firms as large-caps in Asia-Pacific ex-Japan index   Full Article 

Indian Ocean Diplomacy

Indian Ocean Diplomacy

PM Modi to ramp up help for Indian Ocean nations to counter China influence  Full Article 

ECB Bond-Buying

ECB Bond-Buying

ECB raises growth forecasts, to start printing money next week  Full Article 

China Economy

China Economy

China signals "new normal" with lower annual growth target  Full Article 

Pharma Sector

Pharma Sector

Panel recommends waiving late-stage trials for some drugs  Full Article 

E-commerce

E-commerce

China backs e-commerce expansion in win for Alibaba, JD.com  Full Article 

Reuters India Mobile

Reuters India Mobile

Get the latest news on the go. Visit Reuters India on your mobile device  Full Coverage