Whatever happens with oil and gas prices will spike rates of inflation and stress supply chains in every other market across the world. Regardless of obvious shock waves that the Russian energy ban sent across the global economy, sanctioning the Russian energy sector should continue to deprive the aggressor of resources to continue its assault on Ukraine and develop its military capacity. The adjustment period for Russia’s energy partners in Europe will be short and uncomfortable, but disruptions will be temporary.
The US has already banned all imports of Russian oil, liquefied natural gas, and coal. The EU and the US have announced a ban on new investments across the Russian energy sector. The EU investment ban will apply to the whole energy sector, excluding nuclear energy because some nations in the EU depend on technology from Moscow. The EU will cut two thirds of its gas imports from Russia by the end of 2022 and plans to become independent from all Russian fossil fuels well before 2030. The support for the energy embargo is not unanimous across the Union: some nations were asking for 2030, others 2027, and some now.
Not all European state partners are ready to take a principled stand to stop supply from Russia immediately, as the US did. The largest importers of Russian fossils – Italy, Netherlands, Serbia, Belarus and Germany are not ready to take action. Though the EU and the US have already made significant efforts to end its reliance on Russian oil, gas and coal, Russia still has important energy partners like China and South Korea that are more pragmatic in their choices.
Questions: How does the Russian energy ban affect its major importers in the short term? What is the prognosis for energy sustainability in Europe, the US and Asia? What effective alternative energy scenarios are there for the EU, the US and Asia without Russian fossils? Should the EU put more pressure on its member states to review their energy trade with Russia? Should the US impose pressure on the states that continue energy trade with Russia? What role can Ukraine play as an energy partner in the European Energy Union?
Speakers: Olena Pavlenko, President of Dixi Group Olha Boiko, NGO Ecoaction, coordinator of CAN Eastern Europe, Caucasus and Central Asia Sviatoslav Pavliuk, Executive Director of Association Energy Efficient Cities of Ukraine
UKRAINE IN FLAMES project is created by Ukraine Crisis Media Center, Ukrainian Catholic University’s analitical center and NGO “Euroatlantic Course”. We are aiming at searching a loud support for Ukraine in the war started by Russia on the 24th of February 2022.
If you want to support Ukraine against Russian aggression, check the link with recommendations by Ukraine Crisis Media Center – https://uacrisis.org/en/help-ukraine.
NGO Euroatlantic Course collects donations to support Ukrainian Army and civilians – https://eac.org.ua/en/main-page/.