Europe has learned to live without energy supplies from Russia, underestimating this readiness to adapt became a serious miscalculation of Moscow. As a result, it has “already lost the energy war,” said Pierre Andurand, founder of Andurand Capital holdings.

Russia has already lost the energy war with the European Union because the Europeans have quickly learned to do without Russian energy supplies. Pierre Andurand, one of the largest traders in the energy sector, said this in an interview with the Financial Times.

“I think Putin has lost the energy war. Very high gas and electricity prices in Europe were very bad for the world economy, but now they are back to a more reasonable level. Now that Europe is used to living without Russian gas, why would they ever go back to it?” – said Andurand, head of Andurand Capital management.

“I believe it was a serious miscalculation. Russia has lost its biggest customer forever, and it will take at least a decade to build enough pipelines to Asia. And if Russia can only sell gas to China, Beijing will be able to dictate the price,” Anduran said.

The entrepreneur, whose company Andurand Capital manages about $1.4 billion in assets, said he has closed all of their positions in the gas market because it is unlikely that gas prices will ever return to their previous record levels. Bloomberg previously reported that Anduran’s biggest hedge fund had a return of 154% in 2020, down to 87% in 2021 and about 50% in 2022. According to Anduran himself, his Commodities Discretionary Enhanced fund has had a total return of about 650% over the past three years.

Earlier, we reported that the U.S. The Department of Energy raised its forecast for Brent oil prices for 2023 and maintained its forecast for global oil consumption.