U.S., EU to cooperate on energy security

The U.S. and European Union said on Friday they are working together to source alternative supplies of natural gas to protect the EU in case key energy supplier Russia retaliates against sanctions.

They are “working jointly towards continued, sufficient, and timely supply of natural gas to the EU from diverse sources across the globe to avoid supply shocks, including those that could result from a further Russian invasion of Ukraine,” said a statement from President Joe Biden and EU chief Ursula von der Leyen.

Russia supplies about 40% of the natural gas used in Europe, where prices are already rocketing and winter is far from over.

With U.S. and NATO allies threatening to impose crippling sanctions on Russia, if it attacks Ukraine, there are fears that Moscow could use its energy dominance as leverage.

The White House is leading a search for back-up supplies. U.S. officials say that some exports previously destined for Asia from the Middle East have already been re-sold and diverted to Europe.

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Printable version | May 18, 2022 12:19:28 pm |