Russia’s invasion of Ukraine has forced Europe to rethink its energy policy – especially its deep dependence on Russia for about one-third of its fossil fuel imports. The European Union is negotiating among its members over a plan to ban imports of Russian oil, although questions remain about issues such as the timing of an embargo and what kinds of transactions it will cover. The EU makes decisions by consensus, so all members must agree for the plan to be adopted.
Russia exports large quantities of natural gas, coal, oil and fuel for nuclear reactors, but oil provides the most revenue. That income is financing Russia’s brutal war against Ukraine. Energy analysts estimate that every day Russia receives about 600 million euros (US$635 million) in income from its oil exports to western European countries.
