“Prolonged energy shock” if dependence on Russia isn’t ended in a gradual way

Press release by AKEL MEP Giorgos Georgiou:

3 May 2022

The AKEL and Left Group MEP Giorgos Georgiou referred to the danger of a “prolonged energy shock” in the event that Europe does not take into account the need for a gradual end to its dependence on Russia, in a way that safeguards the interests of the European peoples.

In statements to the Cyprus News Agency (CNA) and commenting on the extraordinary meeting of the EU Transport, Telecommunications and Energy Council which was convened on Monday by the French Presidency of the EU Council to discuss the energy situation across the EU following the Russian invasion of Ukraine, AKEL MEP Giorgos Georgiou characterised the situation as a farce and a mess. He said no clear decisions were taken and “all this is down to the enormous conflicting and contradictory interests that typify EU member states and the various gas companies from Russia” because of the degree of dependence of countries and companies on Russian natural gas.

“As was the case in the recent past with the pandemic, no solidarity, sympathy or unity has been demonstrated by the EU. Everyone looks to take their own decisions depending on whether each separate state’s interests are served,” he pointed out.

The AKEL MEP said there are companies that have already announced that they will pay in rubles, but there are also countries that recommend doing so, because as he said the dependence on Russia is huge, amounting to 40% in terms of imports for the natural gas and approximately 26% for oil.

The EU, Giorgos Georgiou went on to say, is not ready to implement what it itself has announced, that is to say the need for the natural gas to be stored, which he said is “practically impossible” to do, as it translates into 56 billion cubic meters of natural gas, compared to 7 billion currently stored.

“Unless that is they are suggesting that the oceans will be filled with US tankers that will have to transport the now extremely expensive US LNG” so that countries will “move away from the embrace of Russia and fall into a very suffocating and costly embrace of US natural gas,” G.Georgiou noted.

Furthermore, the AKEL MEP also said that Cyprus is extremely isolated in the energy sector, whilst pointing out that “there is no coherent and comprehensive strategy to make use of the natural gas and energy resources in the Mediterranean, not even on the part of the EU”, referring to “rash and thoughtless actions that are being taken”.

Giorgos Georgiou referred to the “abandonment of the EastMed project” by the Americans, while “forced by its goal of isolating Russia and ending the EU’s dependency on Russian fossil fuels, the need to exploit natural resources in the Mediterranean is being reintroduced”.

He said that what is of huge importance at this precise moment for Cyprus is the electrical interconnection with the rest of the networks in order to rid the country from the very high prices that exist.

The AKEL MEP pointed out that certain EU countries are putting their own interests first, demanding exceptions, which are granted, as was the case with Slovakia and Hungary with regards Russian natural gas and oil.

“Cyprus is indeed dependent on certain specific factors, which the government must invoke in order to be able to ensure cheap energy fuel for the Cypriot people,” he said, referring to the proposals that have been tabled by AKEL to reduce energy costs.

In conclusion, G. Georgiou said that as a result of the “erratic and ill-conceived proposals” that are being submitted, the EU’s declared political goals it has set for the “green transition” are also being undermined.