Russian expert: Giving up Russian energy will cost Europe
Experts say Europe will not be able to give up Russian energy sources until 2030.
According to RIA Novosti, Head of the Faculty of Financial Economics of the Moscow State University of International Relations (MGIMO), Doctor of Economic Sciences Igbal Guliyev, commented that Europe's complete rejection of Russian energy sources cannot happen until 2030, and the transition to oil and gas from the US will have a negative impact on European industry.
The US Energy Secretary said on September 8 that the US would gradually lift sanctions against Moscow if Europe announced it would no longer buy gas and oil from Russia. European countries should buy liquefied natural gas (LNG), gasoline and other fossil fuels from the US to implement the terms of the US-EU trade agreement.
"We probably won't see a complete rejection of Europe until the end of the decade. Europe itself understands the serious economic consequences it will have to bear. We will see an increase in oil and gas prices and an increase in tariffs. And this applies not only to citizens, but also to industry," Doctor of Economic Sciences Igbal Guliyev told RIA Novosti.
Mr. Guliyev noted that European countries in recent years have been forced to move their large factories to other countries with lower energy prices, including the United States.
In addition, experts believe that Europe will not be able to implement plans to completely abandon Russian energy sources until 2027 at the earliest.
In early May 2025, the European Commission presented a draft roadmap to stop Russian energy imports into the EU by the end of 2027.
In late August, the US and the EU announced that they had reached a framework agreement on trade. The agreement stipulates that the EU will eliminate tariffs on all industrial goods from the US, while Washington will keep its 15% tariffs on most European goods. The EU also plans to buy about $750 billion worth of LNG, petroleum, and nuclear energy products from the US by 2028, and at least $40 billion worth of US AI chips for computer centers. In addition, there are plans to significantly increase purchases of military and defense equipment from the US.