BRUSSELS: Europe’s dependence on Russia oil and gas exports is giving Putin US$285 million a day to pay for his genocidal war in Ukraine, according to new analysis by non-profit advocate Transport & Environment (T&E).
As US president Joe Biden today announced a total ban on importing Russian oil and gas products, T&E is calling on Europe to do the same.
However Biden acknowledged, “many of our European allies and partners may not be in a position to join us.” America is a net exporter of fossil fuel.
T&E estimates Russia exported oil to Europe valued at US$104 billion and gas worth US$43.4 billion last year. From 2004 to 2017, volumes exceeded 200 million tonnes per annum.
Slovakia is the most oil-dependent Member State at 78.4 percent while Poland, Finland and Lithuania are over 66 percent. Portugal and Ireland are the least dependent at 4.0 percent and 4.7 percent respectively.
In 2021 the value of Russiaʼs global export of oil and gas was over US$230 billion, with 75 percent from oil-related products.
As a result of Putin’s war against Ukraine, global oil prices have topped US$125 a barrel for Brent crude – prompting Biden to warn oil and gas companies not to engage in price gouging the American public, or anyone else.
Commenting on the publication of the European Commission’s energy security strategy, T&E executive director William Todts said measures to diversify Europe’s gas supply and accelerate the development of renewables were welcome - but meaningless without reducing the impact of oil.
“An energy security strategy that ignores oil isn’t worth the paper it is written on. Gas is understandably a worry, but it is oil that is funding Putin’s wars. With gas prices close to €2 a liter we're sending a quarter of a billion to Putin every day. Ending our oil dependence will make us safer. From despots and from climate change,” he added.
Story Type: News
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