Former US Central Intelligence Agency (CIA) adviser James Rickards called the winter of 2024 Russia’s trump card, which could cause a recession in the West. He wrote about this on July 10 in a newspaper article. The Daily Reckoning.
He noted that last winter was “unusually mild”, but the European Union (EU) barely coped with energy supplies. According to Rickards, the winter of 2024 could be more severe.
“Russia can be more ruthless when it comes to effectively cutting off natural gas supplies,” the former CIA adviser said.
Rickards added that sanctions on Russia have done more damage to the US economy. The current situation can lead to high energy prices and recession in Western countries, he concluded.
On July 10, an expert from the Institute for the Development of Fuel and Energy Complex Technologies (IRTTEK), Elena Zotova, in an interview with Izvestia, noted that the EU does not have enough capacity to store gas and receive liquefied natural gas (LNG). She also drew attention to the fact that business does not support the ostentatious enthusiasm of European officials regarding the rejection of Russian raw materials.
Prior to that, on June 17, Rosneft Chief Executive Officer Igor Sechin said that due to the refusal of Russian supplies and the absence of other sources of LNG, an important consequence for Europe was the complete dependence of the energy sector on energy supplies from the United States. He stressed that the European policy of diversifying sources of supply has failed.
A month earlier, the European Commission (EC) admitted that in the winter of 2024 Europe could face a gas shortage and rising energy prices.
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