Russia strategy, which has put political pressure on Europe with its energy supply reduction card since the Ukrainian invasion, is faltering as energy prices fall.
The Wall Street Journal (WSJ) predicted on the 18th that Russia strategy of “reducing gas supply to Europe” will hit its limit as energy prices, which once soared, peaked and shifted to a downward trend, and Europe also finds its own alternatives. According to reports, the price of Brent crude oil fell from 120 dollars per barrel in June to 90 dollars now, and the wholesale price of natural gas in Europe also fell more than 45% from its peak at the end of last month to 185 euros (257,000 won) per megawatt hour on the 16th.
In particular, Europe, which was in an energy crisis ahead of winter, is gradually finding stability by seeking alternatives from various angles. Europe has been seeking to diversify its import lines by installing LNG export terminals in the Netherlands and elsewhere. Gas storage has already filled about 85 percent, exceeding the original target of 80 percent by late October. Experts predicted that Europe could get through this winter with enough gas, although it is not an easy environment.
It is a painful situation for Russia that Europe is gradually shaking off anxiety about the upcoming winter. Moreover, Russia’s use of energy as a political lever against Europe after the Ukrainian war has even broken the title of a “reliable energy supply partner.”
“In the end, after this winter, Russia’s influence on European energy will significantly decrease, and President Vladimir Putin’s energy strategy will fail as a result,” the WSJ predicted.