Putin Faults EU for Energy Crunch, Says Gas Can’t Be Stored Like ‘Watches, Underwear or Neckties’ | WHAT REALLY HAPPENED X-Frame-Options: SAMEORIGIN

Putin Faults EU for Energy Crunch, Says Gas Can’t Be Stored Like ‘Watches, Underwear or Neckties’

Natural gas prices in Europe have risen sharply, with futures approaching $2,000 per 1,000 cubic metres on Wednesday trading before dropping off. Shortages have been blamed on factors ranging from cold weather to competition for supplies with Asia, as well as a premature attempt to switch to "green" \alternative sources of energy.

Russian President Vladimir Putin has blamed the current supply crunch in Europe's gas market to European Union policymakers favouring short-term contracts with suppliers, suggesting that the curtailing of long-term supply agreements and dependence on gas exchanges has proven an "obvious mistake."

"Generally speaking, the trade in gas on the stock exchange...is not very effective, because it carries with it a lot of risks, since gas isn't watches, underwear or neckties, not cars, and not even oil, which can be created and then stored anywhere, including in tankers in anticipation of a certain situation on the market. Gas is not traded this way, it cannot be stored in this way," Putin stressed, speaking at a government meeting on energy issues on Wednesday.

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