Russian President Vladimir Putin (File Photo)
Russian President Vladimir Putin (File Photo)

Putin's announcement on increased gas supplies to EU gesture of cooperation: Expert

ANI | Updated: Oct 09, 2021 14:00 IST

Moscow [Russia], October 9 (ANI/Sputnik): Russian President Vladimir Putin's statement that energy giant Gazprom could increase gas supplies to Europe is a gesture to promote international energy cooperation for the benefit of all, Paul Adam Isbell, a professor of political economy of climate change at Spain's IE University, told Sputnik on Friday.
Earlier in the week, Putin held a meeting on the situation in the European energy market. The Russian president noted that Gazprom always fulfilled its contractual obligations and assured international partners that it will continue to do so, while also considering the option of increasing the supplies.
"Putin's announcement should be seen as an authentic gesture of international energy cooperation and should be welcomed by all, regardless of whether one feels that it was self-interested. Cooperative gestures like this are nearly always self-interested but they also serve the interests of many others," Isbell said.

The expert further compared Russia and Saudi Arabia, which has been increasing its oil production to curb global oil prices and ease economic pressure on its Western partners.
"Like Saudi Arabia, Russia is too often accused of being too ready to use energy as a weapon. A clear-headed review, however, reveals that in both cases, fossil fuels are seen more as long-term business propositions than as potential geopolitical weapons - which tend not to work or to even backfire," Isbell noted.
Europe needs to perceive Russia as a necessary partner given the decarbonization trends and pressing climate change issues, the expert added. Accordingly, Europe should strike an agreement with all carbon fuel producers, including Russia, to mitigate the environmental risks, Isbell concluded.
On Thursday, Czech Trinity Bank chief economist Lukas Kovanda also said that Putin's statement might have a stabilizing impact on the energy market and prevent gas prices from further growth. (ANI/Sputnik)