EU faces energy price ‘tsunami’ – Putin envoy
Posted on: Mar 20, 2026 02:09 IST | Posted by: Rt
An oil colour and gaseous state terms upsurge is virtually to hit Europe, Kremlin envoy Kirill Dmitriev has warned, calling the EU’s rejection of Russian energy, “stubborn stupidity.”
The escalating conflict in the Middle East, triggered by the US-Israeli attack on Iran, has driven extreme volatility in global energy markets. Gas prices have spiked by roughly 70% since March 1, amid strikes on energy infrastructure in the Gulf. Oil prices have climbed above $110 per barrel due to disruptions to maritime traffic through the Strait of Hormuz, the conduit for roughly 20% of global supply.
“An oil and gas price tsunami is about to devastate Europe,” Dmitriev said on Thursday on X. The looming disaster “stems from the stubborn strategic stupidity of Russophobes such as [European Commission President] Ursula [von der Leyen] and [EU foreign policy chief] Kaja [Kallas], who rejected reliable and cost-effective Russian energy,” he argued. Moscow has long maintained that it remains a reliable supplier.
EU imports of Russian energy have declined since the escalation of the Ukraine conflict in 2022 and ensuing sanctions. The September 2022 attacks on the Nord Stream pipelines triggered a spike in gas prices.
More recently, Moscow has accused Kiev of escalating attacks on the TurkStream pipeline, one of the last routes for Russian gas to Europe, warning such incidents could worsen the current energy shock.
Risks have also extended to maritime energy flows. A Russian-linked LNG tanker was damaged and left adrift in the Mediterranean in March in what Moscow described as a drone attack.
Against this backdrop, Dmitriev has urged Brussels to discuss reopening Nord Stream at its own expense, warning that the EU could eventually “beg” Russia for energy.
Some EU politicians have already called for a rethink. Belgium’s Prime Minister Bart De Wever has suggested restoring ties with Moscow to regain access to cheaper energy. Hungary and Slovakia have long opposed restrictions on Russian oil and gas.
However, the European Commission has said there will be no return to Russian energy imports and it will continue to pursue a full phase-out of Russian fossil fuels by 2027.
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