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Fitch called the period required by the EU to replace Russian gas
29 June, 12:32
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Fitch called the period required by the EU to replace Russian gas
The international rating agency Fitch has assessed the risks of a sudden cessation of Russian gas supplies to Europe - the EU countries will need at least three years for this.

Analysts note that they do not consider a sudden cessation of gas supplies at all. The countries of Central and Eastern Europe will be the most vulnerable if Russia refuses to supply fuel. Slovakia, Hungary, Czech Republic.

At the same time, Bulgaria, Croatia, Estonia, Latvia and Slovenia are either less at risk or have already found a contingency plan related to gas supplies. Lithuania, Poland and Romania, which have access to alternative supplies or their own gas production, turned out to be the most "insured" from the problems associated with the interruption of the supply of Russian gas.

Central and Eastern Europe will continue to look for options to reduce dependence on gas from Russia. For example, they will include supply and demand management, set gas prices from a single center. The region is facing a macroeconomic shock as energy commodities are highly significant for treacherous prices, especially in Central and Eastern Europe.

“Supply and infrastructure restrictions mean it could take more than three years for the EU to make up for the total loss of Russian gas supplies”, - analysts said in the report.

In these regions, the economy will decline down to negative values, the highest inflation and sustained pressure on the budget deficit and the level of public debt.

Recall that the day before, French President Emmanuel Macron said that the rise in energy prices in the EU countries was a shock for the citizens of these states.

Recall that protests began in Europe this spring against the backdrop of rising energy prices. For example, in the UK, the authorities raised gas and electricity prices by 54% - protests began there.