The EU is seeking to sever energy ties with Russia permanently.

Thursday, October 26, 2023
The EU is seeking to sever energy ties with Russia permanently.

The EU will eliminate Europe’s dependence on Russian fossil fuels during this decade, writes The Guardian. It is noted that the EU expects Russian gas imports to fall to 40-45 billion cubic meters this year compared to 155 billion in 2021. In addition, the bloc of 27 countries has already imposed sanctions on the import of Russian coal and marine oil.

“The worst of the crisis may be behind us, but there’s no room for complacency. Energy markets remain vulnerable, fossil fuel subsidies have increased during the crisis, inflation remains high, and our critical infrastructure must be protected, including from sabotage,” the European Commission stated.

To replace Russian gas, EU countries have increased imports from other suppliers while reducing gas usage. Norway has replaced the Russian Federation as the largest supplier of pipeline gas to the EU, and imports of liquefied natural gas have increased sharply, mainly through supplies from the United States.

Support independent journalism team

Dear Ukraine Business News reader, we are a team of 20 Ukrainian journalists, researchers, reporters and editors who would humbly ask for your support.

Previous post
The flow of foreign currency to Ukraine is decreasing, increasing risk for the hryvnia.

The flow of foreign currency to Ukraine is decreasing, increasing risk for the hryvnia.

Next post
The Ministry of Finance has attracted almost ₴23B from the sale of OVDP bonds.

The Ministry of Finance has attracted almost ₴23B from the sale of OVDP bonds.

Previous Main Topics