Scholz Says Russian Oil Critical to EU, but Why Should Russia Keep Supplying Those Who Rob Her?

The West owes Russia $300 billion for energy she already supplied and was stolen from her

Scholz says the provision of public services and the daily lives of Europeans cannot be secured without energy supplies from Russia:

German Chancellor Olaf Scholz cautioned Monday against banning Russian oil and gas as part of Western sanctions against Moscow over its invasion of Ukraine, saying doing so could put Europe’s energy security at risk.

“Europe has deliberately exempted energy supplies from Russia from sanctions,” Scholz said in a statement.

“Supplying Europe with energy for heat generation, mobility, electricity supply and industry cannot be secured in any other way at the moment. It is therefore of essential importance for the provision of public services and the daily lives of our citizens.”

Okay so we know what’s in it for the Europeans. Heat, mobility, electricity and industry. “The provision of public services” and “the daily lives of our citizens.”

But what is in it for Russia?

The question is why should Russia keep supplying this energy to those who owe her $300bn for the energy it has already delivered over the years?

$60bn in Russian Central Bank euros and dollars are locked up in accounts in Germany, $70bn in France, and another $170bn in banks in other American-vassal countries, for a total of $300bn.

$300bn largely earned through the sale of oil and gas.

So what is the deal here exactly? The Europeans get heat, mobility, electricity and industry, and the Russians get $300bn of their foreign currency stolen from them?

At the moment the Russians have no choice but to keep selling. The 80% of foreign currency exporters are now required to exchange into rubles is the only thing that is still keeping the ruble semi-afloat. The Central Bank can’t access its euros to defend the ruble so it has to be done through the current earnings of Gazprom and Rosneft.

The West has Russia over the barrel for the moment. At the same time as the West:

— sends hundreds of millions of dollars in weapons to Ukraine in the space of a week, 

— is already planning how to flood Ukraine with IED materials

— has divorced Russia from $300bn of its reserves

…Russia is nonetheless forced to keep supplying that same West with the energy the latter so desperately needs.

This is true for the short-term while Russia has so much on its plate with the war and all.

But is it true for the long and medium-term?

Scholz better pray the Russian-Ukrainian war lasts a very long time or the Russians may take a very different view on supplying those who sit on hundreds of billions of their cash and won’t give it back.

  1. ken says

    The West has turned into pirates and thieves. Russia is paying for the arms being sent to the Ukraine.
    Why is Russia forced to continue sending gas and oil if they’re not being paid to begin with. Doesn’t make any sense. Where does this come from? Stop sending it until the 300 billion is returned.

    1. Danny.white20 says

      Sounds more like funding and promoting of terrorism

      1. Geraldo says

        thats what america does, just look at Syria

    2. Steve kastl says

      Tell Germany and EU no gas until $300,000,000,000 in gold is at the gates of the Kremlin.

  2. Oscar Peterson says

    So did Putin not anticipate that Russian reserves in Euros/Sterling/Yen would be frozen or stolen?

    Or did he see it as part of the price of what had to be done and perhaps something that Russia would get back at some point?

  3. guest says

    How much money has Russia given to enviro-freaks in Europe and U.S. ? (to protest and to pass legislations)

    A mere 18 months ago the U.S. was energy independent (and had even higher dreams)
    Now the Russia-friendly government is buying oil from Russia.
    A year ago oil was $55.00. Thanks Russia’s friends in government oil is now $105.00.

    It would be a blessing if someone would just blow up those pipelines and forced Europe to come to their senses. When the pipelines were proposed in the 1970s this development was exactly what was feared (a dependence on Russia and financing its war-machine)

    How many times do you have to be told not to put all your eggs in one basket ?
    By 2040, the generation that produced 1.3 children for every two of them will depart. By 2070 the generation that produced 1.1 children for every two of them, will depart.
    By the year 2100 there will be a lot less white people on the planet than in the year 2000. (from Moscow to London, from Stockholm to Rome)

    What was one of the fears in the Soviet Union in the 1970s ? that the fertile and (re)productive non-slavs in the south would soon outnumber the Slavs in Russia

    What exactly is Vladimir Putin doing to protect the Slav race ? The guy surfed into the Kremlin on top of a wave of terror that killed many Russians.

  4. SteveK9 says

    Answer: do not defend the ruble. I don’t see why this is not obvious. Defend the ruble, so you can … do what? Buy goods from the West? Oops, not allowed. Russia’s Central Bank President was, is and will always be a moron.

  5. Belko says

    Time for an assasination in the Kremlin

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