natural gas currently covers about 24% energy requirement her EUROPE. and an equally high percentage in electricity production is estimated at 20.6%. In this sense, gas is considered a strategic fuel and is a key component of the European energy mix.

Some countries, such as Italy and the Netherlands, have a relatively high dependency, reaching 39% and 43% respectively, while others, such as Greece and Germany, are lower but equally significant, at 19% and 25%, respectively. And the large contribution of natural gas to electricity generation – which in the case of Greece is as high as 41% over the past 18 months – has a direct bearing on the cost of electricity, as natural gas has become more expensive than coal. and RES.

The EU’s decision, after Russia’s invasion of Ukraine, to impose economic and other sanctions on its largest energy supplier, while implementing a strategic plan to significantly reduce or even stop imports of gas, oil and coal from Russia and replace them with alternative suppliers, has caused prices to skyrocket, and the economy is at risk enter a recession.

It is clear that the sanctions are hitting Europe much harder than Russia, which, although it has a slightly lower volume of exports, seems to be making more money this year from the sale of oil and gas, estimated at $ 337 billion, due to significant growth prices. ..dollars than last year, when it reached $244 billion.

They have risen and fallen, turning any energy and economic forecast into an unsolvable puzzle.

In a global energy environment that was already being tested by increased demand and precision, the war in Ukraine and the full confrontation with Russia worsened the whole situation to the point where the uncertainty in terms of prices and the development of the economy as a whole was absolutely maximum. In other words, they went up and down, turning every energy and economic forecast into an unsolvable puzzle with the only certainty of major geopolitical events. Which cannot be other than the acceleration of the creation of a multipolar world, forever avoiding the impending, after the collapse of the Soviet Union, the American monarchy and Pax Americana. With the ongoing war in Ukraine and the complete defeat of the US / EU. with Russia and a widening energy crisis, fatally leading to geopolitical restructuring. So far, these shifts seem to be going in three specific directions.

The first concerns the reshaping of spheres of economic and political influence, which inevitably brings Russia closer to China. Without this development, it will necessarily mean the creation of a new strong axis around which various states such as India, Pakistan, Turkey, Iran, etc. will line up. In order for this axis to emerge, it is necessary to first complete the interaction of Russia with Ukraine, but this may take several years, it is not taken for granted that China is in a hurry to improve its strategic relationship with Russia. During this time, Russia, after further stabilizing its economy and cooperating with China in the de-dollarization of the international trading system, will take care of the maximum possible strengthening of its geopolitical and geo-economic positions with the help of the Caspian countries. Basically follows Harold Mackinder’s theory of planetary islands and how control of Central Europe and Inner Asia leads to control of the pivotal region and therefore world domination.

The second is related to the further rise of China, contributing to the upcoming break with the US and the transformation of the Chinese economy into a consumer and less export-oriented economy.

And the third direction concerns the re-rapprochement of Europe with the countries of the Persian Gulf and North Africa, so that the European Union secures its energy supplies. With the Middle East playing to a certain extent the role that Russia has played so far. We are already seeing political movements in this direction with official visits of high-ranking officials here and there. The Greek Prime Minister’s visit to Qatar last Tuesday (August 23) and the visit of Saudi leader Prince Mohammed bin Salman and his large entourage to Athens and Paris last July are part of this context.

* Mr. Kostis N. Stambolis is President of the Energy Institute for South East Europe (IENE).