According to the IMF, the EU has stopped importing coal and most oil from Russia. Imports of Russian gas to the EU have also been decreasing since 2021, and after the beginning of the full-scale war, the volume of supply has decreased significantly. This led to Europe’s worst energy crisis since the 1970s, as Europe’s energy security worsened as a result of its increased dependence on imports and a limited number of suppliers.
After 2022, EU countries began to reorient their import flows quickly. For example, Germany, the largest importer of Russian gas, has increased its share of imported gas from Norway from 19% to 60% since 2021.
The IMF also predicts Europe will increase its energy imports from the US and other countries.
“According to the post-war baseline scenario, Europe will gradually phase out the remaining Russian fossil fuels by 2030,” the IMF report says.
France and Italy will increase imports from Africa; Germany, the Czech Republic, Slovakia, Hungary, and Poland – from Norway; Bulgaria, Croatia, and Romania – from the US.