The expert explained what the EU will face if it refuses Russian oil and gas

In the gas storage area. File photoMOSCOW, April 19Europe's sharp rejection of Russian oil and gas will entail a price shock in Europe, as a result of which the region can rapidly switch to renewable energy, ACRA CEO Mikhail Sukhov told RIA Novosti. Russia occupies a significant part of the European energy market. As Sukhov clarified, by the end of 2021, Russian coal supplies accounted for 46% of total European imports, gas — 38%, oil — 26%. «A complete and drastic refusal to supply Russian hydrocarbons to the EU will cause a price shock in the EU internal market and, in an extreme scenario, fuel shortages, but will lead to a reorientation to oil and gas imports from alternative countries, such as the United States, Qatar, Iran or Norway,» Sukhov believes.The Japanese authorities have expressed concerns about anti-Russian sanctions. According to the agency's expectations, a period of high, but volatile oil and gas prices will continue for another 1-2 years, regardless of what decision is made in Europe regarding Russian hydrocarbons. «If oil and gas prices remain high for a long time, the share of renewable energy in the EU may grow even faster than it would grow in the absence of a geopolitical crisis,» the head of ACRA added. He also noted that the climate agenda in Russia continues to be maintained both due to natural features, and due to the adopted regulation, as well as obligations under the Paris Agreement. Oil and gas companies in the context of the economic crisis and the planned reduction in environmental costs will pay great attention to the issues of social responsibility of business and the preservation of employment, Sukhov believes.Expert: «idiotic» decision of the EU will not interfere with the export of oil from Russia «In the context of a reduction in company revenues, there is a high risk that part of the planned spending on maintaining social infrastructure will be cut,» the agency's interlocutor believes. According to Sukhov, about 2% of the total working population in Russia is employed in hydrocarbon production enterprises. As a rule, oil and gas companies are holders and sponsors of most of the social infrastructure of the regions of presence, including single-industry towns, where about 1.5 million people live. Western countries, in response to Russia's special operation in Ukraine, have introduced a number of anti-Russian sanctions, including the refusal of the European Union since August 2022 from the import of Russian coal. Imports of oil and gas from the Russian Federation are not yet affected by EU restrictions, but from time to time European politicians make similar calls. The United States has already imposed an embargo on Russian energy supplies.