Myanmar junta set to import Russian gas & oil in order to address supply concerns

In an attempt to dress supply concerns and rising prices, Myanmar's military-run government has decided to import gasoline and fuel oil from Russia. This comes amid growing energy crisis across and world owing to European sanctions on Russia for its invasion of Ukraine. According to reports, Myanmar ministration has also formed a Russian Oil Purchasing Committee to manage procurement, importation, and transportation of gasoline at fair prices. 

Notably, Myanmar and Russia have maintained friendly connections even though two countries continue to be subject to several sanctions from Western nations. A slew of sanctions has been imposed on Mynamar and Russia for toppling an elected government and launching a full-fledged war in Ukraine respectively. Meanwhile, Russia is looking for new energy consumers in Asian region since its top export market, Europe has decided to impose sanctions on Russian oil in a phased manner. Earlier in June, Myanmar also showed its willingness to join financial messaging system of Bank of Russia (SPFS), Moscow’s proprietary payment network, to bypass international payment platform - SWIFT interbank system. 

EU vows to wean itself off Russian gas

Meanwhile, European Union (EU) has stated that block has pledged to wean itself off Russian natural gas in coming years. Joseph Borrell, high representative of European Union (EU) for foreign affairs and security policy, stated that EU would also search for alternative energy sources, which will take some time. According to him, members of bloc have also realized that y were relying too much on Russian gas. Furr, Borrell claimed that Europe imported around 40% of its natural gas from Russia before beginning of war, which has presently come down to 20%. 

It is significant to mention here that European Union (EU) energy ministers have also recently approved a new law to ensure that Europe's gas storage is at least 80% full by November this year. decision has been taken amid threat of furr gas cut-offs by Russia. According to European Commission, Russian gas deliveries have been interrupted in several EU nations so far, and supply levels are now half in comparison to previous year.

Image: AP