As the European Union moves closer to an embargo deal on Russian oil, there is much talk about the impact of war-related sanctions on Europe’s energy transition and the world’s decarbonisation efforts.
But the sanctions also have strong implications for Russia’s already slow and rather unsure green transition, be it the modernisation of its energy sector or climate science. What Russia does or does not do matters for the rest of us: the world’s eleventh-largest economy also happens to be the fourth-largest emitter of greenhouse gases, the second-largest crude oil exporter, and the world’s largest gas exporter. The Russian economy is strongly dependent on the exploitation of energy-intensive industries and fossil fuels, with oil and gas alone accounting for 35-40% of the federal budget revenue in recent years. Hydrocarbons fuel Russia’s elite’s wealth and power but are also framed as a source of energy security and welfare for the country’s citizens.
