Thursday , 18 August 2022

EU’s Dependency On Russian Energy Is MAJOR

In response to Russia’s 2022 invasion of Ukraine, the U.S. and EU have imposed heavy sanctions aimed at crippling the Russian economy. However, these bold actions also come with some potentially messy complications: Russia is not only one of the world’s largest exporters of energy products, but it is also Europe’s biggest supplier of these fuels…

EU Energy Dependency

…Note that…the EU imports:

  • more crude oil from Russia (26.9%) than the next three countries combined;
  • more coal from Russia (46.7%) than the next four countries combined; and
  • more natural gas from Russia (41.1%) than from the next three countries combined (29.0%).

In retaliation against Western sanctions, Russia has announced an impending ban on exports of certain goods and raw materials and European gas prices have skyrocketed in response, as many fear that Russia could cut off natural gas supplies. This, of course, would have very negative effects on both consumers and businesses..

The above version of the original article by Marcus Lu & Athul Alexander (visualcapitalist.com) was edited [ ] and abridged (…) to provide you with a faster and easier read. Also note that this complete paragraph must be included in any re-posting to avoid copyright infringement.
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