Words : Baptiste Peyron (He/Him)
The sudden invasion of Russia in Ukraine sparked an unstoppable fire of economic consequences on Europe and revealed a deadly vulnerability in our reliance on Russia’s oil and gas. Following the attack, the EU publicised its disapproval with heavy sanctions and vowed to curb its reliance on Russian energy. Fast forward to today, and Russia is the largest gas exporter in the world, with the power to freeze a country for winter or bring entire industries to their knees. This article will focus on the influence that Russia holds over Europe, particularly with their supply of oil and gas – a supply that forces the EU to overlook Ukraine’s suffering and stuff Russia’s pockets to satiate their own industries.
Europe’s dependence on Russia’s commodities is dangerous: the invasion of Ukraine has proven how fragile and vulnerable its economy can be. As rivals, Europe and Russia have always had a hostile relationship, with the only matter they agreed on being the trade of cheap oil and gas. Since then, Europe has supplied Ukraine with military and humanitarian aid, giving Russia the power to cut their gas line and inflict permanent damage on the European economy. Russia’s domination over Europe with one of the most essential imports shatters the framework of security and raises questions about how far Russia’s parenting could go.
Countries like Hungary, Slovakia, Czechia, and Germany would suffer most if Russia cut its gas supply. Germany, which imports about 50% of its gas from Russia, would see many businesses collapse without this affordable resource. This could lead to high unemployment not only in energy, but also in gas-dependent sectors like mining, chemicals, food, and construction. So, if the war in Ukraine has proven that European countries should drastically reduce their dependence on Russia’s oil and gas, why are they still highly supplied by it? Does a gluttony for cheap fossil fuels outweigh Europe’s values?
Russia is the biggest supplier of gas and the second largest exporter of oil in the world . Accordingly, for a long time the strategy to become carbon-neutral in European countries relied on the supply of cheap Russian oil and gas. If Europe wants to cut their line with Russia it must secure the economy through the fossil fuel market or nuclear energy, knowing that this could have considerable consequences on carbon-neutral energy development. Crises like the Ukraine invasion could, on the contrary, be an essential reminder for states to develop sustainable alternatives and focus on progress in green energy production and net-zero emissions.
The EU pledged to reduce their demand from Russia by 15% and plans to progressively produce its own natural oil, cutting the rope that ties it to Russia. Following this, Russia’s exports revenues from liquified natural gas (LNG) decreased by 23% in January 2024. But European powers were not bold enough to sanction every import from Russia, and still rely on them for about 40% of their gas. Europe must decide whether to starve their industries, or break their promises of support towards Ukraine. Achieving true independence from Russia might sound like a pipe dream, but the EU has already begun to shake things up. Cranking up gas circulations from Norway, Algeria, and Azerbaijan, and locking in LNG imports from giants like the US could replace up to 50% of Russian imports. And what’s more, an integrated EU market for LNG – both internally and intercontinentally – could cushion the economic blow of sanctions on Russia. If the EU maintains this international LNG market, it could break the chains that hold us under Russia’s control. As the push for economic independence gains momentum, Europe must turn its attention to securing renewable energy. A sustainable future isn’t just best for the planet; it’s the path to ending Europe’s vulnerability to Russian fossil fuels.
By investing in sustainable consumption practices and a greener economy Europe could finally stand with Ukraine without fear of economic fallout, encouraging bordering countries to break free from Russia’s domination and enter a greener market based on solidarity. Europe’s stability hinges on diversifying its economy. Genuine and efficient unification in the energy sector could free us from the economic shackles of Russia and fortify Europe politically and environmentally. Even if Europe could walk across issues regarding the energy market, their challenge of dependence could gather European countries to stand together for the same cause. A political and humanitarian collaboration is the key towards stability; if the gas and oil are taken away from Russia, values and promises of standing with Ukraine will fortify Europe’s foundations.
Sources:
Ben McWilliams, Giovanni Sgaravatti, Simone Tagliapietra, Georg Zachmann, March 2023 ‘How would the European Union fare without Russian energy?’, Energy Policy, Vol. 174 https://doi.org/10.1016/j.enpol.2022.113413
Connolly, K., 2022. ‘Firms will go busy: Germany prepares for a future without Russian gas’. The Guardian, retrieved from. https://www.theguardian.com/world/2022/apr/09 /firms-will-go-bust-germany-prepares-for-a-future-without-russian-gas
