May 18, 2022

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Eni suspends purchases of Russian oil: what does this mean

The arrival of the first Italian anti-Russian action:where are you Suspended the signing of new contracts to buy petroleum From flies. As reported by Repubblica and Corriere, this was announced by a press release from the company: “Eni has stopped signing new contracts related to the supply of oil and petroleum products from Russia.” The company added that it is closely following events regarding gas supplies. This announcement comes on the day when Prime Minister Draghi presented some concrete measures on the energy front to resolve the crisis that is also affecting our country.

In fact, the government has taken some measures to contain the coming blow in these hours on the energy supply front. “VAT will be reduced to 5 percent for gas users and the government has allocated 16 billion to support families due to high gas bills,” explained Draghi, who was speaking at the time of a question in the room about the Ukraine crisis. So the government is seeking cover but at the same time giving clear signals on the sanctions front against Moscow with a tangible gesture such as blocking new oil contracts. The energy node in this fight between Kyiv and Moscow certainly plays a leading role. The Prime Minister reiterated that Italy is working to reduce dependence on Moscow in the field of gas: “It is necessary to do this.” He also said that “the share of Russian gas has increased a lot in the past ten to fifteen years, even after the invasion of Crimea. This indicates the underestimation of foreign and international policy.”

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But withdrawing from Russia will not be easy. As we mentioned in from the insideWith supplies cut off by Moscow, Italy will have to find the 30 billion meters of gas per year that would be missing from the call. Not exactly easy. Italy can increase supplies from Algeria and Libya, but also increase national production. In short, the energy game is perhaps the most complex. War in war, however, involves the entire West and Europe in particular, which has always been linked to the gas supplies coming from the East. And there is a double thread that puts our country politically between a rock and a hard place: that is, between complete loyalty to the Atlantic and the realpolitik of energy market deals with Moscow and beyond …