Damascus-SANA
Shortly after the financial war and the comprehensive economic sanctions imposed by the West on Moscow against the backdrop of the Russian military operation in Ukraine, which had negative effects on the global economy as a whole, the scene has recently begun to become clearer in terms of turning magic on the magician, especially after the Russian decision to link gas to the ruble.
Russia's decision to link gas to the ruble, according to experts, comes as a response to the harsh economic sanctions imposed by the West on the Russian Federation, especially as it strengthened the Russian national currency and reduced its inflation rates, which confirms that Moscow has largely succeeded in adapting the repercussions of those sanctions and absorbing their effects through this process that It was a message emphasizing the importance of Russian energy to global energy security and to political and economic stability in the West.
The Russian measures to confront the rapid and clear Western sanctions were reported by the British magazine The Economist, where it saw that the Russian economy withstood the pressures imposed by the unprecedented Western sanctions and proved to be surprisingly resilient, considering that the Russian energy sector is an important factor in facing sanctions and that maintaining the stability of the ruble exchange rate The implementation of all payments under international bonds denominated in foreign currencies indicates the readiness of the Russian economic system for Western sanctions.
And in a clear indication of the West’s failure to implement its sanctions, many countries and European oil companies announced their agreement to pay for Russian natural gas in rubles, especially after the decision of the Russian National Company, Gazprom, to cut gas flows from Poland and Bulgaria to non-compliance with the new conditions, which prompted a number of European countries. Through its companies, it opened accounts with Gazprom Bank to purchase gas in rubles, in anticipation of the catastrophic effects of the boycott of Russian gas.
Among those companies that agreed to pay in rubles, Austrian energy group OMV, one of the largest importers of Russian gas, opened ruble accounts in Gazprom with a bank in Switzerland, according to the Financial Times.
In the latest indication of the split of the united European front against Moscow, according to what was reported by “Bloomberg” agency, the Italian energy company “Eni SpA” announced its willingness to open accounts in rubles, and “Uniper”, one of the largest German energy companies, used a new payment system accepted by Moscow, arguing that “the options There is no supply of gas from other sources.”
The announcement by these European companies that they agreed to deal in the Russian ruble was accompanied by statements by a number of European officials about the necessity of paying for Russian gas in rubles. Italian Environment Minister Roberto Cingolani said: Energy companies in the European Union should be allowed to pay for Russian gas in rubles.
While Armenian Economy Minister Vagan Krupyan announced that his country had made several payments to purchase Russian natural gas in rubles, Hungary affirmed, in the words of its government spokesman, Zoltan Kovacs, its opposition to any embargo by the European Union on oil and gas imports from Russia, “The country’s position on any oil and gas embargo has not changed. We don't support him."
What was revealed by the Hungarian Prime Minister’s Office confirms the extent of Western confusion in dealing with the Russian decision, as it confirmed that nine European countries opened undisclosed accounts in the Russian Bank to pay for natural gas in rubles, while Hungary openly opened an account in the Russian Bank for the same purpose, according to the statement. Sputnik Agency.
At a time when German Economy Minister Robert Habeck did not hide his fear of the danger of Moscow cutting off supply, saying: The risk of Moscow cutting supply must be taken seriously, Leonard Birnbaum, head of the largest German energy company AON, announced that his country will not survive the next two winters without Russian gas imports. He expected that stopping the import of gas would cause great damage to the German economy and industry.
Slovak Economy Minister Richard Solek, in turn, stressed that his country will not join any ban on oil imports from Russia and will seek an exception if the European Union imposes it, because the issue is vital to Slovakia's economy, especially since Russia provides 100 percent of the needs of Slovak consumers of oil.
The great role that the Russian energy economy plays in the economies of the major industrialized countries was not lost on the international newspapers, which devoted many reports to it, as the Washington Post warned that Europe would go through difficult times if it refrained from buying Russian gas due to the lack of alternatives for its supplies.
What the Washington Post warned of was supported by Edward Chao, a researcher in the field of energy security at the Center for European Strategic and International Studies, by saying: A dangerous game, banning Russian gas. that European governments aspire to.
Therefore, according to all of the above, the data confirm that Russia’s economy, in light of the unprecedented Western sanctions, is better than the European countries that imposed them imagined and are currently suffering from differences among themselves over the issue of paying for gas in Russian rubles, which is achieving historical successes despite the economic challenges imposed by the sanctions.
Fahmy El Shaarawy
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