What goes in Poland on 8th of March.
Russia could lose up to 135 bn USD on resources embargo
According to the Polish Economic Institute (PIE) Russia could lose up to 135 bn USD if there is an embargo on oil, oil products, metals and chemicals from this country.
PIE informs that demand in European Union, United States, United Kingdom and Japan combined makes up to 14 percent of Russian gross domestic production. On the other hand, some Western countries deeply depend on economic relations with Russia, like Cyprus, where 5,6 percent of GDP comes from trade with Russians.
Russia is also energy dependent on Europe. In 2021 around 75 percent of Russian exports were oil, natural gas, coking coal, oil products, metals and chemicals.
NATO is to talk about gas diversification through LNG
The NATO summit in Madrid planned for June 2022 is to consider how to ensure the energy security of its member states.
Eight LNG terminals on the Iberian Peninsula could provide Europe with gas via the MidCat pipeline project between France and Spain. That could be one of the topics of the NATO summit in Madrid.