6 ms·

I am guessing the Baltic countries are hit hard by the Russia sanctions and the lack of cheap energy and food imports that has to come from somewhere else now.

lekevicius 4y ago
Here in Lithuania we were already independent from Russian gas and oil (lesson learned over the decades), and had liquid natural gas terminal for a few years. But inflation is also very high.
- unicornfinder 4y ago
  Thing is even if you're not using Russian gas directly, prices are still going to be influenced by the global gas market (and the wider global economy in general).
  - onlyrealcuzzo 4y ago
    IIUC, Russian oil is roughly the same price as it was before the invasion: https://www.statista.com/statistics/1112243/urals-crude-oil-price/ https://www.statista.com/statistics/1112243/urals-crude-oil-... Other oil has gone up so much because everyone is switching off Russian oil. Russian oil is not going up. So it's actually not a bad time to be a Russian oil consumer...
    - Cthulhu_ 4y ago
      Russian oil and gas should actually be cheaper because demand has dropped sharply. Anyway it's a very bad time to be a Russian oil consumer, because you'll be funding an unprovoked invasion and the countries that have sanctioned Russia may not want to deal with you.
      - onlyrealcuzzo 4y ago
        It's 50% cheaper WRT all other oil...
      - cesarb 4y ago
        > Russian oil and gas should actually be cheaper because demand has dropped sharply. [...] because you'll be funding an unprovoked invasion and the countries that have sanctioned Russia may not want to deal with you. An alternative view is that Russian oil and gas is not cheaper, but that it has extra costs which are not directly reflected on its official price. If you could put a number on the "moral cost" (funding an unprovoked invasion) and the "pariah risk" (other countries might not want to deal with you anymore if you buy Russian oil), and add that number to the official price of Russian oil and gas, there's a good chance that the result is exactly the price you get for non-Russian oil and gas on the global market.
      - lenkite 4y ago
        "and the countries that have sanctioned Russia may not want to deal with you." Only in public media. Under the radar, they will still import Russian oil
- martin_a 4y ago
  Prices are probably up because now everybody wants to have LNG and therefore money is to be made and global prices are on the rise.
- vogre 4y ago
  It's easy for small country like Lithuania, but completely impossible for country like Germany. There is not enough gas without Russian one to feed its industry.
  - ChuckNorris89 4y ago
    >but completely impossible for country like Germany. There is not enough gas without Russian one to feed its industry. Huh, if only they could have invested enough in their local energy sector, through I don't know ... NUCLEAR!, to keep their industry energy independent of Russia, and not shut down its few remaining nukes in the middle of an energy crisis just to appease an outdated political ideology like an absolute dunce, causing energy prices across EU to further skyrockets as Germany had to compensate its internal deficit by buying from the rest. There's a reason people undeservingly vented their frustration on Germany at Eurovision this year.
    - foverzar 4y ago
      You assume that oil and gas are only used as energy components, but they are also raw materials required in industry.
      - _0w8t 4y ago
        If energy usage is removed, then surely there is enough oil and gas in other countries to supply Germany.
        rjzzleep 4y ago
        People like you look at these things as if you just shift numbers around on an excel sheet. There is still physics and geography involved here. German industry is already hardly competitive in terms of price, what do you think happens when those raw materials are 10 times more expensive? Now there is a price crunch for LNG tanker charters further pushing up prices. Also it's so disingenuous. Indians are now refining Russian oil, selling it back to Europe but Eurocrats and lying politicians get to pretend they're going off hydrocarbons.
- throwaway4good 4y ago
  This article: https://www.worldstopexports.com/lithuanias-top-import-partners/ https://www.worldstopexports.com/lithuanias-top-import-partn... Lists Russia as the largest trading partner for Lithuania. I guess that would be case for the other Baltic countries as well. Killing off that trade would surely spike inflation.
- foverzar 4y ago
  > Here in Lithuania we were already independent from Russian gas and oil Is that a fact? I know that Lithuania doesn't buy Russian oil and gas directly, but it always seemed to me that it is still the same Russian oil and gas, just through an intermediate supplier.
  - at0mic22 4y ago
    They buy US gas
jgilias 4y ago
Exactly. If you notice, the second and third place are taken by Lithuania and Latvia respectively. A lot of 'cheapness' in all kinds of sectors came from RUS/UKR/BEL somewhere upstream. Building materials being a prime example. So, a combined effect of energy prices, sanctions on RUS, a war raging in Ukraine. But then, as Estonian prime minister said recently - sure, gas is expensive, but freedom is priceless.
- foverzar 4y ago
  > gas is expensive, but freedom is priceless. Typical politicians excuse, tbh. It's not like this has any relation to actual freedoms, only bs political slogans.
  - puszczyk 4y ago
    Thanks for the honesty. And Estonia had a cheaper gas when they were part of the USSR. Any actual freedoms they might or might not have back then are only _bs political slogans_.
  - slaw 4y ago
    I like your comment, too bad it is no longer visible on comments to article, only when I see your comments history.
  - dijit 4y ago
    I think there is a very direct link to energy independence & control of supply chains and freedom. As much as I also hate political slogans, at least I'm not seeing a problem with this one given the context. Europe is just now seeing the effect of being less free than it's population thought it was.
  - supertrope 4y ago
    Not being under Russian occupation seems like freedom to me. Although that's mostly due to NATO membership not sanctions.
    - jokethrowaway 4y ago

lekevicius 4y ago

Here in Lithuania we were already independent from Russian gas and oil (lesson learned over the decades), and had liquid natural gas terminal for a few years. But inflation is also very high.

unicornfinder 4y ago
Thing is even if you're not using Russian gas directly, prices are still going to be influenced by the global gas market (and the wider global economy in general).
- onlyrealcuzzo 4y ago
  IIUC, Russian oil is roughly the same price as it was before the invasion: https://www.statista.com/statistics/1112243/urals-crude-oil-price/ https://www.statista.com/statistics/1112243/urals-crude-oil-... Other oil has gone up so much because everyone is switching off Russian oil. Russian oil is not going up. So it's actually not a bad time to be a Russian oil consumer...
  - Cthulhu_ 4y ago
    Russian oil and gas should actually be cheaper because demand has dropped sharply. Anyway it's a very bad time to be a Russian oil consumer, because you'll be funding an unprovoked invasion and the countries that have sanctioned Russia may not want to deal with you.
    - onlyrealcuzzo 4y ago
      It's 50% cheaper WRT all other oil...
    - cesarb 4y ago
      > Russian oil and gas should actually be cheaper because demand has dropped sharply. [...] because you'll be funding an unprovoked invasion and the countries that have sanctioned Russia may not want to deal with you. An alternative view is that Russian oil and gas is not cheaper, but that it has extra costs which are not directly reflected on its official price. If you could put a number on the "moral cost" (funding an unprovoked invasion) and the "pariah risk" (other countries might not want to deal with you anymore if you buy Russian oil), and add that number to the official price of Russian oil and gas, there's a good chance that the result is exactly the price you get for non-Russian oil and gas on the global market.
    - lenkite 4y ago
      "and the countries that have sanctioned Russia may not want to deal with you." Only in public media. Under the radar, they will still import Russian oil
martin_a 4y ago
Prices are probably up because now everybody wants to have LNG and therefore money is to be made and global prices are on the rise.
vogre 4y ago
It's easy for small country like Lithuania, but completely impossible for country like Germany. There is not enough gas without Russian one to feed its industry.
- ChuckNorris89 4y ago
  >but completely impossible for country like Germany. There is not enough gas without Russian one to feed its industry. Huh, if only they could have invested enough in their local energy sector, through I don't know ... NUCLEAR!, to keep their industry energy independent of Russia, and not shut down its few remaining nukes in the middle of an energy crisis just to appease an outdated political ideology like an absolute dunce, causing energy prices across EU to further skyrockets as Germany had to compensate its internal deficit by buying from the rest. There's a reason people undeservingly vented their frustration on Germany at Eurovision this year.
  - foverzar 4y ago
    You assume that oil and gas are only used as energy components, but they are also raw materials required in industry.
    - _0w8t 4y ago
      If energy usage is removed, then surely there is enough oil and gas in other countries to supply Germany.
      - rjzzleep 4y ago
        People like you look at these things as if you just shift numbers around on an excel sheet. There is still physics and geography involved here. German industry is already hardly competitive in terms of price, what do you think happens when those raw materials are 10 times more expensive? Now there is a price crunch for LNG tanker charters further pushing up prices. Also it's so disingenuous. Indians are now refining Russian oil, selling it back to Europe but Eurocrats and lying politicians get to pretend they're going off hydrocarbons.
throwaway4good 4y ago
This article: https://www.worldstopexports.com/lithuanias-top-import-partners/ https://www.worldstopexports.com/lithuanias-top-import-partn... Lists Russia as the largest trading partner for Lithuania. I guess that would be case for the other Baltic countries as well. Killing off that trade would surely spike inflation.
foverzar 4y ago
> Here in Lithuania we were already independent from Russian gas and oil Is that a fact? I know that Lithuania doesn't buy Russian oil and gas directly, but it always seemed to me that it is still the same Russian oil and gas, just through an intermediate supplier.
- at0mic22 4y ago
  They buy US gas

jgilias 4y ago

Exactly. If you notice, the second and third place are taken by Lithuania and Latvia respectively. A lot of 'cheapness' in all kinds of sectors came from RUS/UKR/BEL somewhere upstream. Building materials being a prime example. So, a combined effect of energy prices, sanctions on RUS, a war raging in Ukraine. But then, as Estonian prime minister said recently - sure, gas is expensive, but freedom is priceless.

foverzar 4y ago
> gas is expensive, but freedom is priceless. Typical politicians excuse, tbh. It's not like this has any relation to actual freedoms, only bs political slogans.
- puszczyk 4y ago
  Thanks for the honesty. And Estonia had a cheaper gas when they were part of the USSR. Any actual freedoms they might or might not have back then are only _bs political slogans_.
- slaw 4y ago
  I like your comment, too bad it is no longer visible on comments to article, only when I see your comments history.
- dijit 4y ago
  I think there is a very direct link to energy independence & control of supply chains and freedom. As much as I also hate political slogans, at least I'm not seeing a problem with this one given the context. Europe is just now seeing the effect of being less free than it's population thought it was.
- supertrope 4y ago
  Not being under Russian occupation seems like freedom to me. Although that's mostly due to NATO membership not sanctions.
  - jokethrowaway 4y ago