Europe gives up on Russian gas

By the end of 2022, the European Union plans to reduce the supply of Russian natural gas by two-thirds, and instead of Russian fuel import liquefied gas from Qatar and the United States.

Such plans were published today by the European Commission. The plan is to shift to alternative energy sources and to buy fewer Russian energy resources. According to the plan, the EU “may cease its dependence on Russian fuel supplies – gas, oil and coal – long before 2030.

The EU now imports 90 percent of the gas it needs, 45 percent of which comes from Russia. Russia also accounts for about 25 percent of oil imports and 45 percent of coal imports.

Since the beginning of Russia’s military operation in Ukraine, the cost of Russian energy resources for Europe has increased manifold. The European think tank Bruegel estimates that the EU is paying about 1 billion euros a day for Russian oil and gas due to rising prices.

“As of the first of January, the cost of Russian gas exports to Europe – was equal to 190 million euros per day. Last Thursday, it reached 660 million. That is, the price of Russian natural gas has increased more than 3 times since the beginning of the war,” says Simon Dequeirel, an energy expert at the Center for European Policy. Obviously, Europe cannot impose sanctions on Russia and at the same time send it such huge sums for oil and gas exports. I would say that this would be, to put it mildly, a very contradictory position, condemning the Russian invasion and at the same time paying such money for gas.

Eastern European countries, as well as Germany and Italy, are now most dependent on Russian gas.

The UK announced today the ban on the import of Russian oil. The reduction of supplies will be gradual. According to the press release of the British government, in order “to have time to establish the supply chain, to support industry and consumers.