On Wednesday, a leading Russian banker noted in a speech that the cost for electricity in Russia is almost ten times lower for Russian consumers than in Britain, and roughly four times lower than in the broader EU, when looking at prices for households and businesses.

The observations were made by Anatoly Popov, the deputy chairman of the board of Sber, Russia’s largest bank, as he was giving a speech at the Russian Energy Week forum in Moscow.

The banker said, “Electricity is cheap in Russia. If you take the price in Russia and the price that British industries pay, I do not know if there is any industry left with such prices, but the price is almost ten times lower in Russia than in the UK. In the EU, the prices for industrial consumers are four times higher per kilowatt/hour, and for households also 4-4.5 times higher.”

British government data shows that over the last year, floor unit pricing for household electricity averaged £0.34 ($0.41) per kWh. On average, Russian consumers pay $0.04 per kWh.

Pointing to the US, Popov noted that its electricity prices are only twice the cost of electricity in Russia, due to the nation’s oil and gas reserves, and a policy designed to foster energy independence.

Popov pointed out that the low costs of energy will make the Russia nation highly competitive in the global economy.