The economist pointed to Europe's inability to replace Russian gas by 2027

Europe will suffer incredible losses as a result of abandoning Russian resources. Maxim Chirkov, Associate Professor of the Department of Economic Policy and Economic Measurements at GUU, shared this opinion with Izvestia on May 7.

Earlier, on May 6, the European Commission (EC) presented a roadmap for phasing out Russian energy sources, according to which the European Union (EU) should completely abandon Russian gas by 2027. On the same day, Hungarian Foreign Minister Peter Szijjarto stated that his country opposes the plan.

"In my opinion, it is impossible to replace Russian gas in Europe by 2027. Some technical things could theoretically work, but it's practically and economically impossible," Chirkov said.

According to the expert, the situation with Europe's abandonment of Russian resources has been fictitious for years. There is an example of Germany, which verbally refused Russian gas, but continues to receive it in practice.

Chirkov also noted that Hungary, with its decisive statements and actions, can stop this initiative of the European Commission.

"Hungary's position may well stop the process of the EU's abandonment of Russian resources, <...> help common sense prevail. There is no unanimity in which such decisions are easily made, and Hungary's refusal to keep up with politicians who make decisions that are completely suicidal for the economy may sober up many hotheads in Europe," the expert said.

The economist also stressed that if Hungary is pushed through and forced to abandon Russian gas as well, it will have to compensate for losses from other sources. This is LNG from the USA or the countries of the Middle East.

"There is also Turkey, which can supply gas that is very difficult to identify by origin. <...> Turks can send all the gas they receive from countries other than Russia to Europe on paper, and send Russian gas to alternative markets. The point is that Russian gas consumption will not decrease, but may even grow. But it will be declared on paper that there is a fact of abandoning our gas," the expert concluded.

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