WASHINGTON (Pakistan Point News / Sputnik - 12th December, 2022) While the United States has some extra energy resources to help Europe, it cannot replace Russian supply, which would likely find its way to Europe despite sanctions, possibly via the back door, legendary investor Jim Rogers told Sputnik.
"The US has some excess energy supplies at the moment. Not a whole lot, but it has some. So, the US can help to some extent for Europe, but Europe is gigantic. Europe has more than 900 million people," Rogers said. "So, as much as we'd like to have, we can only do a small amount. The market will take care of it somehow one way or the other. I'm sure Russian energy will get to Europe eventually through the black market or the back door or something else. But the US can help some and will help some, but not enough. Europe is huge."
European Commissioner for Energy Kadri Simson said on Tuesday that it is not possible for Europe to replace the entirety of its Russian gas supply with alternative sources.
The statement came as a coalition of countries led by the United States and Europe seek to diminish Russia's revenue from energy exports, including by imposing a $60, adjustable price cap on Russian oil.
Europe began moving away from Russia as a supplier of energy following the beginning of its special military operation in Ukraine on February 24.
Projects to connect the continent to new sources of energy include a turn to the United States as a supplier of fuel and plans by Slovenia to build a pipeline to Hungary for Algerian gas. However, Hungary still receives some 85% of its gas from Russia.
Earlier this month, Hungarian Prime Minister Viktor Orban said he would seek an exemption from EU sanctions on Russian gas and atomic energy.
