George Soros says Russia's gas storage is almost full and Europe should hold its nerve
Key Points
- Russian President Vladimir Putin's bargaining position is not as strong as he pretends and Europe has leverage against him, according to billionaire investor George Soros.
- Russia has recently cut gas supplies to Finland arguing the country is not paying for it in rubles. Bulgaria and Poland also stopped receiving Russian gas supplies a couple of weeks ago.
- Energy analysts have said that Russia's targets for gas stocks could be achieved this summer.
- Energy Aspects' Leon Izbicki said that Russia lacks flexibility in its gas storage and does not have the means to divert gas from Europe to, for example, Asia due to a lack of pipeline infrastructure.
Russian President Vladimir Putin delivers a speech during a ceremony honouring the country's Olympians and Paralympians at the Kremlin in Moscow, Russia April 26, 2022.
Maxim Shemetov | Reuters
DAVOS, Switzerland Russian President Vladimir Putin's bargaining position is not as strong as he pretends and Europe has leverage against him, according to billionaire investor George Soros.
In a letter to Italy's Prime Minister Mario Draghi, Soros said Putin was obviously blackmailing Europe by threatening to or actually withholdinging gas supplies.
That's what he did last season. He put gas in storage rather than supplying gas to Europe. This created a shortage, raised prices and earned him a lot of money, but his bargaining position is not as strong as he pretends, Soros wrote Monday.
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