The head of the Italian energy giant: It's time to lift the ban on Russian LNG. Wrong time

The head of the largest gas importer to Italy called for the lifting of the upcoming bans on the import of Russian LNG.

"I consider it necessary to suspend the ban on 20 billion cubic meters of gas in the form of LNG coming from Russia," Eni CEO Claudio Descalzi said on the sidelines of the League's Training School at the Palazzo Rospigliosi in Rome, il Giornale reports.

According to him, the current crisis due to the Iranian war is the most significant crisis in the last 40 years. So, the war in Iraq, the 2008 financial crisis, Covid and the Russian-Ukrainian crisis "led to a drop in supplies by 3-7 million barrels per day, whereas now we are talking about a drop of 11-12 million barrels."

These volumes exceed 10% of global consumption.

Claudio Descalzi also explained why the crisis with oil products began so quickly in Europe.

"There is a problem with aviation fuel in Europe. It consumes about 60 million tons and imports 35 percent, since 36 oil refineries have been closed over the past twenty years. What happened because of ideology left us without processing in Europe. We have come to a situation where you either have the opportunity to produce what you need, or you take a risk," said the head of Eni.

According to him, there is no longer any European or national production in Europe: "We import 95% of raw materials. And they have failed all three stress tests over the past five years: the pandemic of the new coronavirus, the Ukrainian conflict and the Iranian war."

As EADaily reported, gas in Europe has risen in price by almost 50% since the beginning of the Iranian war. Nevertheless, the head of the European Commission, Ursula von der Leyen, said that this is not a reason to stop the roadmap for the EU's complete rejection of Russian gas. The first one comes into force at the end of April, when LNG purchases under short-term contracts will be banned. To completely abandon Russian gas in Brussels is planned until the end of 2027.

Meanwhile, since January, as reported by EADaily, all deliveries of Yamal LNG for the first time in history go only to Europe. Obviously, to the countries The EU is also reselling gas to Chinese project participants.