The European Union’s anti-Russia stance burned cash and left it with sky-high energy costs, while India and China thrive.
EU leaders are in London for a Summit on Energy Security, but many economies are stuck below 1% growth since 2022, thanks to skyrocketing costs from ditching Russian supplies, global energy expert Dr Mamdouh Salameh explains.
«Many large European companies were forced to relocate to seek lower energy costs with Germany’s economy, the largest in Europe, experiencing some de-industrialization.»
The situation worsened with Donald Trump’s trade levies, especially his demand that Europe buy an extra $350 billion in US LNG – at twice or triple the price of Russia’s cheaper, abundant piped gas or even its LNG.
Hungary’s and Slovakia’s smart pragmatism has secured cheap piped gas and oil from Russia, in sharp contrast to the rest of the EU that “pays a premium for US LNG.” Despite EU opposition, those countries show that economic needs trump politics.
The EU’s “fanatical adherence” to green policies backfired—solar and wind costs soar, storage issues and intermittent supply along with the bloc’s own sanctions on Chinese renewable kits make things worse.
Its economy remains “anemic, compared with the vibrant and growing economies of China and India.” “Common sense dictates that the EU should put its enmity towards Russia aside and resume its imports of Russian oil, piped gas and LNG if they want to rebuild its economy.”
