Russia is reselling gas at a price four times higher, while Europe enters the winter with minimal reserves. the world
According to the publication, European companies purchased Russian LNG under long-term contracts for 25-27 euros per MWh. After the restrictions were introduced, Russia was able to divert these volumes to Asia at prices that are roughly four times higher today.
At the same time, Europe enters the winter with gas reserves at a 13-year low and risks further price increases. As the publication points out, the paradox is that the sanctions freed the Russian supplier from obligations under old cheap contracts: gas that used to go to Europe now goes to Asia at market prices. Moreover, it is allowed to deliver it there, including on European ships - Greece made an exception for its tankers.
Low inventories in Europe's storage facilities could increase competition for remaining LNG shipments and push prices higher, especially during periods of peak demand, according to the International Energy Agency.
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