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| Photo credit: Free Society |
Mr. Vladmir Putin, Russia's President on Sunday dismissed any talk of a trade war with Europe over a European Commission competition investigation into state controlled gas corporation Gazprom.
He insists Russia and EU have very warm and constructive relationship, it isn't a trade war, insisted while talking to reporters after an Asia-Pacific Economic Cooperation (APEC) summit in the Russian port city of Vladivostok.
EU's executive commission started an inquiry on Tuesday into suspicions that Gazprom, which Russia owns more than 50% of it, is disrupting the free flow of gas across the EU thereby treating its customers irrationally by linking the oil price to cost of gas.
Mr. Putin however feels that European debt crisis has to do with the recent investigations, laying blames on some of the European Commission officials in desire to shift internal problems in Russia.
"Ideally, the probe stems from the tough economic situation in the euro zone as we are concerned mainly about Eastern European countries. The EU has largely been subsidizing Eastern European economies," Mr. Putin said.
Gazprom's average Europe sale is expected at $405-$415 per 1,000 cubic metres in 2012 or greater than the spot price on the U.S natural gas market by four times.
Gazprom earlier said it was well equipped politically and legally to respond to the ongoing investigation but, looking at its dependence on the European market for more than half of its revenues, has checkmated any action that might jeopardize the supply of gas.
(Edited by: Blueblock)
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