Easing sanctions on Russian energy would be a “major mistake” by European countries, International Energy Agency chief Fatih Birol warned in an interview with Euronews, as the bloc deals with the ramifications of a second energy shock in four years, AOL reports.
The EU is weighing measures to ease price pressures on member states resulting from the Strait of Hormuz crisis, a vital route that carries one fifth of global oil supplies, after Tehran effectively shut down the passage last March.
The turmoil in the Middle East has contributed to a 65% increase in oil prices, according to the European Commission’s own estimates. Meanwhile, gas prices have more than doubled. Still, Brussels has shut down any expectation that sanctions on Russian energy, even via third countries, could be eased.
Birol echoed that sentiment, arguing that “knocking on Russia’s door would be a major error” in comments to Euronews, after the IEA published a major report on Thursday warning of the “largest energy security crisis the world has ever faced.”
"Europe paid for its overreliance in 2022. Once, it's a mistake, doing it for a second time, that's no longer a mistake," Birol told Euronews. "There are many other options Europe should look into, more secure in terms of energy, foreign and defence policies."
Earlier this month, the United States announced it would extend a 30-day sanctions waiver on Russian oil at sea, suggesting that it would relieve some of the poorest countries from higher energy costs. The United Kingdom also eased restrictions on imports of Russian jet fuel and diesel refined in other countries to cope with rising prices and supply shortages, but insisted that this was not a waiver on core sanctions.
The EU has refused to ease any measures, arguing that financing Moscow through energy, directly or indirectly, will only help extend the war against Ukraine. In a separate interview with Euronews, Economy Commissioner Valdis Dombrovskis ruled out any waivers at any level, calling it a strategic decision from a security perspective.
