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Home » Finance » Zelensky urges energy-rich countries to call time on Putin’s ‘blackmail’

Zelensky urges energy-rich countries to call time on Putin’s ‘blackmail’

by PublicWire
March 26, 2022
in Finance
Reading Time: 4 mins read
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Volodymyr Zelensky has called on energy producing countries to step up their output in order to prevent Russia from using its oil and gas to “blackmail” European nations.

His appeal came a day after EU leaders pledged to buy natural gas jointly and Germany unveiled targets to rapidly cut its dependence on Russian energy and Joe Biden said Nato unity was crucial to keeping up pressure on Russia in support of Ukraine.

Berlin vowed to all but wean itself off Russian gas by mid-2024 and said it aimed to become “virtually independent” of Russian oil by the end of this year.

Speaking to a conference attended by many Gulf officials in Doha, Qatar, by video link, the Ukrainian president called on “the responsible states, in particular Qatar” as “reliable and reputable suppliers of energy resources that can contribute to stabilise the situation in Europe”.

“They can do much more to restore justice. Europe’s future depends on your efforts,” he said. “I urge you to increase energy production so that Russia understands that no state can use energy as a weapon and to blackmail the world.”

Speaking at the same conference Saad al-Kaabi, Qatar’s energy minister who is also chief executive of QatarEnergy, said: “We are clear about trying to support the Europeans and the Americans. We have said the volumes that are divertible away from Europe, even if we can get a higher price for it, we will not divert them.”

However he has previously said that no other country could replace the total volume produced by Russia. Qatar, the world’s largest exporter of liquefied natural gas (LNG), estimates that it could only divert about 10-15 per cent of its volumes to Europe. The Gulf nation sells most of its LNG to Asian clients who are locked into long-term fixed contracts.

This week the US set out plans to redirect gas to Europe as western allies step up efforts to reshape global energy markets and punish Moscow. Washington said on Friday that it would aim to deliver at least 15bn cubic metres (bcm) of additional LNG to the EU this year along with other producers.

Washington has been pressuring Gulf states, particularly Saudi Arabia and the United Arab Emirates, to increase crude production to help dampen oil prices. But Riyadh and Abu Dhabi, which co-ordinate oil production levels through Opec+, which includes Russia, have so far resisted.

Saudi officials argue that the rise in oil prices is not caused by a lack of supply and increasing output would have little impact on prices. They also caution that there is a shortage of production capacity globally.

Zelensky said that it was “a matter of time” before European countries refused to buy Russian oil and gas, adding that sanctions against Russia are “aimed at only one thing — to start Russia seeking peace, so that it does not pose a common threat”.

The US president told the Polish head of state that Nato’s mutual defence clause was a sacred commitment. © Marcin Obara/EPA-EFE/Shutterstock

US president Joe Biden was in Warsaw on the last full day of a visit to Europe. US secretary of state Antony Blinken and defence secretary Lloyd Austin, who are accompanying him, met their Ukrainian counterparts Dmytro Kuleba and Oleksii Reznikov.

The US president reassured Poland that Nato would defend it from any Russian aggression, telling Andrzej Duda, the president, that the alliance’s mutual defence clause was a sacred commitment.

“We take Article Five as a sacred commitment, not a throwaway, a sacred commitment that relates to every member of Nato,” Biden said during a meeting with Duda in Warsaw. “For your freedom and ours”.

Biden’s comments came ahead of a visit by the US president to a stadium hosting refugees from Ukraine, and after he met with top Ukrainian officials to discuss further support for their defence against the Russian invasion, according to the White House.

US officials have expressed concern that Poland could be vulnerable to Russian aggression, though there is no indication of a specific attack.

Biden said that Nato unity would be crucial to helping Ukraine.

The alliance needed to remain “absolutely, completely, thoroughly united” with “no separation in points view,” he said.

“Everything we do we do in unison and everyone comes along,” Biden said.

The Ukrainian army said that its forces continued maintain its defensive positions while Russia “continues to regroup and build up forces to resume offensive operations”.

Russia has deployed “almost all” its units stationed in Crimea, which Moscow annexed in 2014, and in some districts of Kherson, Zaporizhzhia and Donetsk, in order “to suppress resistance from residents” of Kherson, Henichesk, Berdyansk and parts of the besieged city of Mariupol, Ukrainian forces said. Kharkiv officials said the city was shelled overnight.

A UK intelligence update said Russia continued to pound Kharkiv, Chernihiv and Mariupol, adding that its forces were “proving reluctant” to engage in large urban infantry operations.

“It is likely that Russia will continue to use its heavy firepower on urban areas as it looks to limit its own already considerable losses, at the cost of further civilian casualties,” Britain’s ministry of defence said.

On Friday Moscow said it was refocusing its month-long military offensive on the country’s eastern Donbas region. Ukrainian authorities and western officials reacted cautiously to the claim of a change of military strategy.


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