- Europe receives some one-third of its natural gas from Russia, but the dependence varies among EU members.
- Russia’s invasion of Ukraine and the concern over natural gas and oil supply urged European countries to overhaul their energy security strategies.
- European Commission: Europe can survive next winter without Russian gas.
- Moving away from Russian gas could come at a very high price.
It took a war in Europe for the first time since WWII for the European Union to realize that Russia is not the reliable energy supplier Moscow has always claimed to be, and many officials in Europe have believed. Russia’s invasion of Ukraine and the concern over natural gas and oil supply to Europe prompted the EU and the biggest economies in Europe dependent on Russian gas to urgently overhaul its energy security strategies.
By most estimates and forecasts from the European Commission and analysts, Europe can survive next winter without Russian gas. However, ditching Russian energy dependence beyond next winter will be a challenge for the EU and many major European economies, including the biggest, Germany, which imports half the gas it needs from Russia.
As the war in Ukraine threatens to cut off Russian gas supply—either in the form of sanctions or a Putin retaliation to sanctions—Europe realized that ensuring energy security would mean weaning itself off Russian deliveries in the quickest way possible, even at a high economic price.
High Price To Pay
The price will indeed be high, especially in light of the already high energy prices in Europe even before Russia’s invasion of Ukraine, which had put cost pressures on many industries, not to mention the cost-of-living increases with soaring energy costs for households.
Europe receives some one-third of its natural gas from Russia, but the dependence varies among EU members. Germany is 50-percent reliant on Russian gas, and Italy imports around 40 percent of its gas needs from Russia. Southwest European countries Spain and Portugal do not import any Russian gas, but southeast European countries and Russia’s neighbors to the west, Estonia and Finland, are 100 percent or nearly 100 percent dependent on Moscow for their natural gas supply.
It took a war in Europe for the first time since WWII for the European Union to realize that Russia is not the reliable energy supplier Moscow has always claimed to be, and many officials in Europe have believed. Russia’s invasion of Ukraine and the concern over natural gas and oil supply to Europe prompted the EU and the biggest economies in Europe dependent on Russian gas to urgently overhaul its energy security strategies.
By most estimates and forecasts from the European Commission and analysts, Europe can survive next winter without Russian gas. However, ditching Russian energy dependence beyond next winter will be a challenge for the EU and many major European economies, including the biggest, Germany, which imports half the gas it needs from Russia.
As the war in Ukraine threatens to cut off Russian gas supply—either in the form of sanctions or a Putin retaliation to sanctions—Europe realized that ensuring energy security would mean weaning itself off Russian deliveries in the quickest way possible, even at a high economic price.
High Price To Pay
The price will indeed be high, especially in light of the already high energy prices in Europe even before Russia’s invasion of Ukraine, which had put cost pressures on many industries, not to mention the cost-of-living increases with soaring energy costs for households.
Europe receives some one-third of its natural gas from Russia, but the dependence varies among EU members. Germany is 50-percent reliant on Russian gas, and Italy imports around 40 percent of its gas needs from Russia. Southwest European countries Spain and Portugal do not import any Russian gas, but southeast European countries and Russia’s neighbors to the west, Estonia and Finland, are 100 percent or nearly 100 percent dependent on Moscow for their natural gas supply.
Source: https://oilprice.com/Energy/Energy-General/Europe-Is-Rushing-To-Overhaul-Its-Energy-Security-Strategy.html