Written by 2:39 pm Europe Economy

IMF believes Russia loses European gas market for good

Russia has lost what was left of access to the European gas market because Europe finally understood that Russian gas is a tool of war rather than an economic one.

That’s according to Alternative Executive Director at the International Monetary Fund (IMF), Vladyslav Rashkovan, who spoke in an interview with Ukrinform.

“Russia has lost the European gas market for good. There is no possibility that Europe would again agree to fall into this trap of Russia,” said the financier.

He recalled that Ukraine had since 2014 warned European partners that “this is a weapon, not an economic tool.”

Rashkovan also emphasized that the sanctions imposed on Russian Federation are effective, and that in the long term, Russia has no economic prospects.

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“That is why next year’s economy of the Russian Federation is predicted to be in the red.” They lost access to technology, international money, and global companies. Structurally, this has a major influence on Russian economy,” Rashkovan emphasized.

He also noted that the Russian oil price cap, introduced in December, will have a big potential impact. “This is the most influential sanction for the economy of the Russian Federation because the Kremlin’s main income from oil will be further decreasing continuously,” he emphasized.

As reported by Ukrinform, after the full-scale invasion of Ukraine by Russia, Western nations introduced unprecedented sanctions, export and other restrictions targeting the aggressor power.

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