TFIGlobal
TFIGlobal
Right Arm. Round the World. FAST.
No Result
View All Result
  • Indo-Pacific
  • Americas
  • Indian Subcontinent
  • West Asia
  • Europe
  • Africa
  • Indo-Pacific
  • Americas
  • Indian Subcontinent
  • West Asia
  • Europe
  • Africa
TFIGlobal
TFIGlobal
No Result
View All Result

Funny! Latvia’s ban on Russian gas could last only for 24 hours.

TFIGLOBAL News Desk by TFIGLOBAL News Desk
April 7, 2022
in Europe, Geopolitics, Russia
Reading Time: 3 mins read
1
Latvia, Russia, Lithuania, baltic
39.3k
VIEWS
Share on FacebookShare on Twitter
Become a Patron!

Latvia, a small Baltic nation tried following the path taken by its neighboring Baltic nations, Lithuania and Estonia. These small Baltic nations recently announced that they would not import Russian gas anymore amid Russia’s invasion of Ukraine. But Latvia seems to be hard-pressed with its hasty decision! Latvia could only sustain the ban just for a day. Latvia’s leading industry in the energy sector announced a long-term contract with Russian gas supplier Gazprom for importing Russian gas for the next 30 years.

Russia’s energy policy

Nevertheless, the inclusion of Estonia, Lithuania, and Latvia in the EU and NATO significantly reduced Russia’s ability to influence these countries’ domestic policies, which have been a source of concern for Moscow. Russia established a different way to keep a check on these nations. Russia under its energy policy has made these nations much dependent on their gas and oil needs. In fact, despite many plans for diversification over the past 20 years, they remain almost entirely dependent on gas supplied by Russia. Gas markets in the Baltic countries are highly disconnected from the rest of Europe.

Also Read

The dollar is officially DEAD now

European Union comes up with a clever plan (to bypass its own sanctions on Russia)

According to Maigre (2010), the Baltic countries are currently only linked with Russia and Belarus through the existing infrastructure of oil pipelines, and electric and gas grids inherited from the Soviet Union. They are neither linked to the Western European electric grid (UTCE), nor the Scandinavian grid (Nordel). Also to the fact, Gazprom, the Russian gas supplier not only leads in supplying but also has substantial equity in all of the Baltic gas companies.

Read more: The most outspoken China hawk country in the EU is now being muzzled by the US

A blooper

Despite the known fact that these countries rely heavily on Russian gas, earlier on Friday (1 April), Lithuania became the first EU country to completely stop Russian gas imports. Following suit Latvia and Estonia also decided to walk on the same path. The step has been taken to end their reliance on Russian energy, following the country’s invasion of Ukraine in February. Moreover, these nations have urged the rest of the EU to follow the Baltic example.

Lithuania’s President Gitanas Nausėda recently tweeted, “From this moment on— no more Russian gas in Lithuania.” “Years ago my country made decisions that today allow us with no pain to break energy ties with the aggressor. If we can do it, the rest of Europe can do it too!”

But Latvia soon felt the jitters over its decision. Latvia did a volte-face and entered into a valid long-term agreement on the supply of natural gas until 2030 with Gazprom providing for settlements for natural gas in euros. Mind it! We are talking that the deal is in Euros. This has come in the backdrop when Putin is asking for transactions mandatorily in Ruble. Nevertheless, Latvia strikes the deal to preserve its business and economic interests.

This indicates that to pull through their economy, Baltic nations are heavily reliant on Russia and it has shown to other European nations that there’s no way out of this Russian gas trap.

Tags: Baltic NationsLatviaLithuaniaPutin Russiarubleukraine war
ShareTweetSend
Previous Post

Biden is ready to spoil US ties with Arab nations, Greece, Cyprus and France just to punish Russia

Next Post

China’s $14 billion port city in Sri Lanka is sinking

Also Read

Biden casts out Taiwan like a leper

Biden casts out Taiwan like a leper

May 23, 2022
EU stops Greece from protecting itself

EU stops Greece from protecting itself

May 23, 2022
Poland wants Norway’s profit

Poland wants Norway’s profit

May 23, 2022
Quad started with four legendary China hawks, only one of them remains now

Quad started with four legendary China hawks, only one of them remains now

May 23, 2022
Load More

Comments 1

  1. Avatar rimas says:
    3 weeks ago

    Ha ha ha. nobody press baltic states to buy from russia, by from dubay, quatar, usa it is free market.

    Reply

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

I agree to the Terms of use and Privacy Policy.
This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

  • Trending
  • Comments
  • Latest
Qatar scraps its LNG deal with Germany at the last minute citing new conditions

Qatar scraps its LNG deal with Germany at the last minute citing new conditions

May 11, 2022
China makes the last-ditch effort to prevent its faulty weapons from getting exposed in Ukraine

China makes the last-ditch effort to prevent its faulty weapons from getting exposed in Ukraine

May 10, 2022
Europe to activate Nord Stream 2 gas pipeline very soon   

Europe to activate Nord Stream 2 gas pipeline very soon  

May 14, 2022
China could stage a hostile takeover of Japanese semiconductor firms to heal its wounds

China could stage a hostile takeover of Japanese semiconductor firms to heal its wounds

May 7, 2022
US economy is all set to suffer ten big setbacks in the next six months

US economy is all set to suffer ten big setbacks in the next six months

May 22, 2022
Europe to activate Nord Stream 2 gas pipeline very soon   

Europe to activate Nord Stream 2 gas pipeline very soon  

We predicted one month ago that Biden will say sorry to MBS. It’s happening in 10 days

We predicted one month ago that Biden will say sorry to MBS. It’s happening in 10 days

Biden casts out Taiwan like a leper

Biden casts out Taiwan like a leper

Now, Italy begins backtracking on its promises and extending an olive branch toward Russia

Now, Italy begins backtracking on its promises and extending an olive branch toward Russia

Biden can solve the baby formula crisis with a click of his finger, but he is exacerbating it

Biden can solve the baby formula crisis with a click of his finger, but he is exacerbating it

Biden casts out Taiwan like a leper

Biden casts out Taiwan like a leper

May 23, 2022
EU stops Greece from protecting itself

EU stops Greece from protecting itself

May 23, 2022
Poland wants Norway’s profit

Poland wants Norway’s profit

May 23, 2022
Quad started with four legendary China hawks, only one of them remains now

Quad started with four legendary China hawks, only one of them remains now

May 23, 2022
Geopolitical genius Olaf Scholz now asks Russia’s best friends to help EU fight Russia

Geopolitical genius Olaf Scholz now asks Russia’s best friends to help EU fight Russia

May 23, 2022
Youtube Twitter Facebook
TFIGlobal
  • About us
  • Contact Us
  • Terms of use
  • Privacy Policy

©2022 - TFI MEDIA PRIVATE LIMITED

No Result
View All Result
  • Indo-Pacific
  • Americas
  • Indian Subcontinent
  • West Asia
  • Europe
  • Africa

©2022 - TFI MEDIA PRIVATE LIMITED

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In

Add New Playlist

Follow us on Twitter

and never miss an insightful take by the TFIGlobal team

Follow @tfiglobal
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. View our Privacy and Cookie Policy.