Dubai Telegraph - Nobel laureate Stiglitz calls on Europe to do without Russian gas

EUR -
AED 3.843876
AFN 71.46757
ALL 98.334246
AMD 408.921785
ANG 1.890704
AOA 954.443474
ARS 1053.32585
AUD 1.613486
AWG 1.883771
AZN 1.777411
BAM 1.957876
BBD 2.118145
BDT 125.3629
BGN 1.957013
BHD 0.39446
BIF 3099.055767
BMD 1.046539
BND 1.413685
BOB 7.275713
BRL 6.06951
BSD 1.049112
BTN 88.441624
BWP 14.331193
BYN 3.43314
BYR 20512.173424
BZD 2.114642
CAD 1.476149
CDF 3003.568546
CHF 0.92896
CLF 0.037025
CLP 1021.630219
CNY 7.576684
CNH 7.599007
COP 4588.813899
CRC 534.605448
CUC 1.046539
CUP 27.733296
CVE 110.379907
CZK 25.325311
DJF 186.808039
DKK 7.458059
DOP 63.219772
DZD 139.884617
EGP 51.926973
ERN 15.698092
ETB 130.810926
FJD 2.382918
FKP 0.826051
GBP 0.834804
GEL 2.857518
GGP 0.826051
GHS 16.522516
GIP 0.826051
GMD 74.304489
GNF 9040.497654
GTQ 8.100355
GYD 219.482679
HKD 8.143422
HNL 26.50985
HRK 7.465237
HTG 137.694658
HUF 410.442515
IDR 16664.414117
ILS 3.813119
IMP 0.826051
INR 88.232015
IQD 1374.256881
IRR 44046.230248
ISK 145.09192
JEP 0.826051
JMD 166.494914
JOD 0.742309
JPY 161.133064
KES 135.589536
KGS 90.828533
KHR 4210.423334
KMF 490.77458
KPW 941.885118
KRW 1464.203166
KWD 0.322093
KYD 0.874227
KZT 523.84534
LAK 23039.424621
LBP 93943.491644
LKR 305.273628
LRD 188.824765
LSL 18.967508
LTL 3.090159
LVL 0.633041
LYD 5.134443
MAD 10.539974
MDL 19.17733
MGA 4902.196931
MKD 61.570856
MMK 3399.119344
MNT 3556.14103
MOP 8.407012
MRU 41.716441
MUR 48.894341
MVR 16.169403
MWK 1819.1285
MXN 21.51026
MYR 4.672826
MZN 66.874137
NAD 18.967508
NGN 1761.461771
NIO 38.600552
NOK 11.639084
NPR 141.509665
NZD 1.794919
OMR 0.402907
PAB 1.049112
PEN 3.973312
PGK 4.225996
PHP 61.721228
PKR 291.376995
PLN 4.317163
PYG 8173.665089
QAR 3.826984
RON 4.97703
RSD 116.988424
RUB 108.818843
RWF 1432.404838
SAR 3.9296
SBD 8.781084
SCR 14.253917
SDG 629.495812
SEK 11.542347
SGD 1.411358
SHP 0.826051
SLE 23.782645
SLL 21945.414172
SOS 599.529847
SRD 37.145882
STD 21661.253876
SVC 9.179732
SYP 2629.461642
SZL 18.962102
THB 36.348931
TJS 11.182634
TMT 3.673354
TND 3.327532
TOP 2.451098
TRY 36.233815
TTD 7.125554
TWD 33.959925
TZS 2773.329504
UAH 43.536654
UGX 3887.120826
USD 1.046539
UYU 44.716123
UZS 13458.267417
VES 48.752124
VND 26595.184038
VUV 124.247268
WST 2.92151
XAF 656.646852
XAG 0.034486
XAU 0.000398
XCD 2.828325
XDR 0.802451
XOF 656.653133
XPF 119.331742
YER 261.556352
ZAR 18.95356
ZMK 9420.11208
ZMW 28.927667
ZWL 336.985279
  • RBGPF

    0.8100

    61

    +1.33%

  • NGG

    0.1500

    63.26

    +0.24%

  • CMSC

    0.0578

    24.73

    +0.23%

  • SCS

    0.4500

    13.72

    +3.28%

  • GSK

    0.1900

    34.15

    +0.56%

  • BTI

    -0.0500

    37.33

    -0.13%

  • BCC

    8.7200

    152.5

    +5.72%

  • AZN

    0.7700

    66.4

    +1.16%

  • RIO

    0.6300

    62.98

    +1%

  • BCE

    0.2500

    27.02

    +0.93%

  • RELX

    -0.1800

    46.57

    -0.39%

  • RYCEF

    0.0200

    6.79

    +0.29%

  • CMSD

    0.1200

    24.58

    +0.49%

  • JRI

    0.1600

    13.37

    +1.2%

  • BP

    -0.4000

    29.32

    -1.36%

  • VOD

    0.1800

    8.91

    +2.02%

Nobel laureate Stiglitz calls on Europe to do without Russian gas
Nobel laureate Stiglitz calls on Europe to do without Russian gas

Nobel laureate Stiglitz calls on Europe to do without Russian gas

Nobel economics prize laureate Joseph Stiglitz said Tuesday that the speed and intensity of economic and financial sanctions against Russia would make them efficient but warned Europe must stop buying Russian oil and gas.

Text size:

He said that Moscow's ability to conduct the war in Ukraine would be impaired by the repercussions from sanctions on its economy.

"They've lost an enormous amount of military equipment... that they will need to replace," he told AFP in an interview on the sidelines of a conference in Paris on Europe's future.

Whether Russia has the manufacturing and financial capacity is, however, "really questionable", he said.

A major element in the potential success of sanctions is their "rapid imposition", he added.

"I think it is important because when you notch it up gradually, they can adapt."

Washington and its EU allies have imposed unprecedented economic sanctions on Russia in response to Moscow's military onslaught against its pro-EU neighbour.

But it's hard to know whether the impact of the sanctions on the Russian people and oligarchs could push President Vladimir Putin into easing his position on Ukraine and its invasion, Stiglitz said.

"There is a massive misinformation propaganda, so that ordinary people are blaming not him but the West" for the sanctions they face, he added.

The academic, who was a senior economic adviser to US president Bill Clinton in the 1990s, also said that Europeans should stop gas and oil purchases from Russia that help Moscow finance the war.

To compensate, he suggested a system of "sharing the burden" among European countries that rely on Russian gas.

Although the United States has decided to block all imports of Russian oil and gas, some European countries such as Germany and the Baltic states which import Russian gas don't have an alternative in the short term.

"There is enormous pressure we should put on Saudi Arabia, Abu Dhabi, the UAE, and relax sanctions against Iran and Venezuela, and get their oil," he said.

"There is a priority here."

The conflict and sanctions have driven up inflation, especially energy and raw materials prices, but Stiglitz said concern about inflation was "out of proportion".

"From a political point of view, it is an issue," he said.

"But from an economic point of view, actually, in a world where you have a lot of economic transformations going on... high rates of inflation actually facilitate economic transformation."

X.Wong--DT