'Russia Is Not Responsible For Europe's Energy Crisis': Putin

On Thursday, President Vladimir Putin denied that Russia’s Gazprom Company had any have liability with the ongoing European energy crisis, which has seen gas prices soar to US$1,500 per thousand cubic meters.

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"The Gazprom Company impeccably fulfills its contracts with European partners. Amid the crisis, it increased gas supplies by 15 percent and liquefied natural gas (LNG) deliveries by 13 percent this year," Putin insisted, arguing that the energy crisis is due to capitalism's unsustainable economy.

"The sector can no longer regulate itself. Otherwise, it will put thousands of families in bankruptcy," he stated and reiterated that long-term contracts with energy companies are more stable and predictable than the spot market for which the European Union (EU) is betting.

In the face of growing European demand for gas, which reaches almost 70 billion cubic meters, the Putin administration has set up the first line of the Nord Stream 2 pipeline at the bottom of the Baltic Sea to transport more Russian gas to Germany.

"The Nord Stream 2 pipeline will allow us to increase gas supplies to Europe by over 55 million cubic meters," Putin assured, stressing that this opportunity will help stabilize the market.

On Wednesday, the EU President Ursula von der Leyen recognized that her block's countries rely on gas too much and emphasized the need for boosting wind and sun energies, which are environmentally friendly.

"A speedy transition to clean energy would also make the bloc a more independent global player since renewable energies are also crucial for the resilience to energy price shocks," von der Leyen stated.