economy
March 20, 2026
Moscow warns EU of energy crisis amid Iran war and rejection of Russian supplies
Kremlin envoy Kirill Dmitriev has warned the EU of an energy “price tsunami” amid the war in Iran and rejection of Russian energy
TL;DR
- Europe is warned of an impending oil and gas price surge by a Kremlin envoy.
- The surge is attributed to the EU's rejection of Russian energy and escalating conflicts in the Middle East.
- Gas prices have risen by about 70% since March 1, and oil prices are above $110 per barrel due to supply disruptions.
- The envoy criticized EU leaders for their "stubborn strategic stupidity" in rejecting Russian energy.
- EU imports of Russian energy have decreased since 2022, with attacks on Nord Stream pipelines and the TurkStream pipeline contributing to price spikes.
- Some EU politicians, including the Prime Minister of Belgium, have suggested reconsidering ties with Moscow for access to cheaper energy.
- The European Commission maintains its stance against returning to Russian energy imports and aims for a full phase-out by 2027.
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