SPD Wants to Bring Back Russian Oil and Gas, but Experts Doubt It Will Succeed

The SPD party is demanding that the Czech Republic secure an exception within the European Union and resume purchasing Russian oil and gas — a statement made by party leader Tomio Okamura. Industry analysts interviewed for this article consider the idea politically unfeasible: the EU has committed to a full phase-out of Russian fossil fuels, and a single Czech party has no power to change that overall course.

SPD's Position: Cheap Energy at Any Cost

"After all, the whole of Europe trades with them. I want to give our voters cheap energy," Okamura said. SPD MP Miroslav Ševčík pointed to current problems with oil and gas supplies from the Middle East: "We have no other way out. Where would you get oil? Where would you get gas? Capacity is limited — just look at the Strait of Hormuz." Before the February strikes by the United States and Israel on Iran, a fifth of the world's oil and liquefied natural gas consumption passed through this strait, and traffic there is now significantly restricted.

European Rules Stand in the Way of a Russian Gas Comeback

ENA analyst Jiří Gavor considers the SPD's idea politically unworkable. Finlord analyst Boris Tomčák holds a similar view: "Politically, it's impossible. The EU has set out a plan for a complete phase-out of Russian fossil fuels. I don't think any Czech political party would go against the pan-European course."

It is precisely European rules that stand in the way of Russian gas returning: the REPowerEU Gas regulation, which entered into force in February, stipulates that imports of Russian liquefied gas will stop on 1 January 2027, while pipeline gas will be banned no later than 1 November. According to Gavor, this will hit hardest the countries that still depend heavily on remaining Russian supplies: "2027 will mark the end of the last Russian gas flowing into southeastern Europe via TurkStream. That will be very painful for Hungary, Slovakia and Serbia," he noted.

The European Commission is seeking to reduce strategic dependence on Moscow and cut the revenues Russia earns from energy exports. The share of Russian gas in EU imports fell from 45% in 2021 to 12% last year. The share of Russian oil in EU imports stood at around a quarter in 2022, but had dropped to just over 2% last year. An exception to the oil import ban for the Druzhba pipeline currently remains in place only for Slovakia and Hungary.

Whether Energy Would Actually Get Cheaper Is a Big Question

According to Gavor, for decades Europe bought oil and gas from Russia not out of affection, but because it made economic sense: "If we set aside the political situation, an additional supply of Russian energy would make our lives easier and bring prices down." But he considers a return to the old model of relations with Russia unrealistic while the war in Ukraine continues: "In the current situation, with the war in Ukraine becoming ever more bloody, I can't imagine that happening."

Tomčák doubts prices would fall at all: "Oil and gas in the Czech Republic wouldn't get any cheaper — their prices are determined by world market quotes."

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Source: novinky.cz