EU leaders to discuss ending the bloc's dependency on Russian oil and gas
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Loading... - Gabriele Romano
- 09 Mar 2022
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European Union leaders will meet in Versailles on Thursday and Friday to mull over the possibility of ending the bloc’s dependency on Russian gas, oil and coal, as Reuters reported yesterday. According to a draft statement, the summit will focus on strengthening European strategic autonomy in a myriad of sectors that have experienced significant fluctuation over the past couple of years.
These include food production and security, semiconductors, energy, pharmaceuticals and, notably, defence. Furthermore, Europe is reliant on imports in these key sectors and since the start of the pandemic and the war in Ukraine they have proven to pose a vulnerability.
A tectonic shift in the EU-Russia relationship
The European Union imports around 45% of its natural gas from Russia, around a third of its oil and half of its coal. At the same time, Germany, Italy, Austria and Hungary are some of the bloc’s most energy import-dependent countries. Before the Ukrainian invasion started, however, there was little pressure to look for energy alternatives.
Now, notably, despite the swift and decisive sanctions against Russian banks and oligarchs, the energy continues to flow into the EU and as diplomatic relations worsen, the bloc is looking to shake off that strategic dependency. Read More...
