Ukraine’s president says energy market faces artificial pricing

STAVANGER, Norway 

Ukrainian President Volodymyr Zelenskyy said on Monday that Russia is unleashing an economic “terror” while “companies like Gazprom are creating a price crisis, causing artificial pricing in the energy market.”

Speaking at the ONS 2022 International Energy Conference held in Stavanger, Norway, via video conference, Zelenskyy said that Russia has started a war against Ukraine’s sovereignty as well as Europe’s independence.

“Energy prices have risen a lot. When winter comes, they may increase even more. There is also a nuclear danger. We should remember the Chernobyl disaster and be careful,” he said.

Stressing that Russia is wreaking economic “terror,” Zelenskyy said that “companies like Gazprom are creating a price crisis. There is artificial pricing in the energy market. They want to scare Europe. Every day, Russia burns the gas that it does not send across the border to Europe. They burn it like they burn our people. Millions of euros are burned every day. We are facing a well-calculated situation. First, they create problems, and then they try to offer solutions.”

Pointing out that Russia is creating new dangers in nuclear energy, Zelenskyy suggested that Rosatom should also be sanctioned.

“There is nuclear blackmail. Also, it is not normal for a Russian citizen to get a visa, go on vacation, and shop in European countries. It is not normal for some European companies to have reservations about whether to exit the Russian market,” Ukraine’s President said.

Stressing that the gas market is unstable in Europe, he said that “We can all see that the threat of energy scarcity is present. We see that the prices of energy are so high that companies end up in crisis. This leads to a crisis in the labor market.”

Zelenskyy also noted that Russia forces Europe to abandon European values and added that there is a need for a policy that unites Europe.

“We are not in oil age, we are in energy age”

Norwegian Prime Minister Jonas Gahr Store also said that trust is vital to the energy transition that lies ahead. “Energy markets are under tremendous stress. Make no mistake, disruption is what Putin wants,” he said.

Store added that the Norwegian government knows that cooperation, but not isolation, will be the policy.

“Norway will remain a stable, predictable, trustworthy European energy partner. Norwegian companies are producing energy at maximum capacity. We intend to play a key role in the transition. We will increase our efforts about carbon emissions. We are fully committed to benefiting from hydrogen. Norway commits to the production of renewable energy from offshore wind. We are not in the oil age. We are in the energy age. We are heading now to solar, wind, and hydrogen. We do not close one book and open another one. This is a transition,” he said.

Tesla CEO Elon Musk also said that the world must continue to extract oil and gas in order to sustain civilization while also developing sustainable sources of energy.

Musk said that one of the biggest challenges the world has ever faced is the transition to sustainable energy and to a sustainable economy. “That will take some decades to complete,” he added.