Here in Lithuania we were already independent from Russian gas and oil (lesson learned over the decades), and had liquid natural gas terminal for a few years. But inflation is also very high.
Other oil has gone up so much because everyone is switching off Russian oil. Russian oil is not going up. So it's actually not a bad time to be a Russian oil consumer...
Anyway it's a very bad time to be a Russian oil consumer, because you'll be funding an unprovoked invasion and the countries that have sanctioned Russia may not want to deal with you.
An alternative view is that Russian oil and gas is not cheaper, but that it has extra costs which are not directly reflected on its official price. If you could put a number on the "moral cost" (funding an unprovoked invasion) and the "pariah risk" (other countries might not want to deal with you anymore if you buy Russian oil), and add that number to the official price of Russian oil and gas, there's a good chance that the result is exactly the price you get for non-Russian oil and gas on the global market.
Only in public media. Under the radar, they will still import Russian oil
https://www.worldstopexports.com/lithuanias-top-import-partn...
Lists Russia as the largest trading partner for Lithuania. I guess that would be case for the other Baltic countries as well.
Killing off that trade would surely spike inflation.
Huh, if only they could have invested enough in their local energy sector, through I don't know ... NUCLEAR!, to keep their industry energy independent of Russia, and not shut down its few remaining nukes in the middle of an energy crisis just to appease an outdated political ideology like an absolute dunce, causing energy prices across EU to further skyrockets as Germany had to compensate its internal deficit by buying from the rest.
There's a reason people undeservingly vented their frustration on Germany at Eurovision this year.
Now there is a price crunch for LNG tanker charters further pushing up prices. Also it's so disingenuous. Indians are now refining Russian oil, selling it back to Europe but Eurocrats and lying politicians get to pretend they're going off hydrocarbons.
Most of the European companies adopted the new scheme within their current contracts, so it was a technical thing. Russia just needed to be paid in currency that can not be stolen by some lunatic government.
Even freezing of central bank accounts is basically the unilateral unlawful change of contract.
Finland broke the contract with russian railroads, with russian electric providers, it cancelled the contract with RosAtom.
Additionally it started the process of joining NATO, which effectively breaks the peace treaty of 1948.
If you fuck up and get your bank account frozen that does not mean that you don’t have to pay your morgage or that you can pay it with monopoly money.
Also there is a big difference between freezing access to a bank account and taking ownership of the funds.
No it’s not so big, because freezing can be unlimited in time and you can’t use that money. What point of having money on account if you can not use them? These are just numbers on the screen.
If your account can be frozen any time by the bank, it means you don’t really own the money, and the bank is not trustworthy.
The world (EU and US included) is heavily dependent on Russian nuclear imports and technology. Here is an in-depth article on why this is so difficult to overcome:
https://thebulletin.org/2022/05/five-reasons-that-russias-nu...
I mean, lets take a 20-story building, the amount of heating energy it consumes is really high, especially during winters. So you probably would need a soccer-field size heat exchanger in order for the heat to be extracted from the ground.
I bet it will also use quite a lot of electricity to compress the transporting liquid.
As I understood, drilling deep is quite expensive and, comparing to centralized heating stations working with gas for instance, the thermal output does not allow building heat factories. In example they state that they needed 8 500-meter holes for 4 houses and only 64 apts. So they are talking about typical Scandinavian 4-floor buildings, which are as well A-class insulated.
It stands nowhere near to typical buildings of East Berlin for instance.
Is that a fact? I know that Lithuania doesn't buy Russian oil and gas directly, but it always seemed to me that it is still the same Russian oil and gas, just through an intermediate supplier.