EU logo with Russian flag on screen with EU Commission press release on mobile. EU Russian oil Price cap, EU agrees $60 price cap on Russian oil. In Brussels, Belgium on 4 December 2022. The European Union relied on Russia for its natural gas, which now they're looking to rely on less. NURPHOTO/BENZINGARussian President Vladimir Putin talks during the awarding ceremony at the We Are Together Youth Forum, on December 5, 2022, in Moscow, Russia. The EU barely receives any gas or oil from Moscow due to sanctions and the more recent G7 price cap, which went into effect Monday, Dec. 5. CONTRIBUTOR/BENZINGA
Until the Russia-Ukraine War, the European Union (EU) relied on Russia for roughly 39.2% of its natural gas supply.
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