MOSCOW, October 18 (HS/RIA Novosti) - Europeans sought to diversify their gas imports, but instead ended up dependent on the United States, Russian Deputy Prime Minister Alexander Novak said.

As for the Europeans, they have lost supply volumes, costs for them have quadrupled, and they are now primarily dependent on liquefied natural gas (LNG) shipments from a single supplier – the United States of America. They wanted to diversify their sources of supply, but instead, they have become dependent on one country, he said in an interview with the Solovyov LIVE broadcaster on the sidelines of the Russian Energy Week (REW) forum.

Novak noted that gas prices in Europe had effectively risen to $1,000 per 1,000 cubic meters, whereas 10 years ago — and even before the coronavirus pandemic — prices were in the range of $200–$250. In other words, they have quadrupled, and it is the European consumers who are paying the price.

The Russian Energy Week took place in Moscow from October 14 to 16. RIA Novosti waas an information partner for the forum.

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Hindusthan Samachar / Indrani Sarkar