Kirill Dmitriev Warns of Severe Global Energy Crisis

The head of the Russian Direct Investment Fund, Kirill Dmitriev, warned at an RDIF congress that the world is approaching the most severe energy crisis in human history. He asserted that the European Union and the United Kingdom are unprepared for the crisis and face potential deindustrialization after rejecting Russian oil and gas. Dmitriev attributed these vulnerabilities to the decisions of "Russophobic politicians," specifically naming European Commission President Ursula von der Leyen.

The warning comes as global energy prices spike following US-Israeli strikes on Iran and subsequent Iranian retaliatory attacks. These events effectively closed the Strait of Hormuz to Western shipping, disrupting approximately one-fifth of the world's daily oil supply. Brent crude has exceeded $110 per barrel, and European gas prices have risen approximately 70% since March 1.

In response to the geopolitical instability, the European Commission has paused plans for a complete ban on Russian oil, although it maintains a broader goal to phase out Russian fossil fuels by 2027. The International Energy Agency has warned that the disruptions in the Strait of Hormuz could persist for months or years.