Energy ministers from EU-countries hold emergency talks today, as the bloc strives for a united response to Moscow’s demand that European buyers pay for Russian gas in roubles or face their supply being cut off.
With many European companies facing gas payment deadlines later this month, EU states have a pressing need to clarify whether companies can keep buying the fuel without breaching the EU’s sanctions against Russia over its invasion of Ukraine.
Payments in roubles can help to shelter Russia’s economy from the impact of sanctions, while the fuel revenues can help to finance what it calls a special military operation.
EU countries have paid more than 45 billion euros ($47.43 billion) to Russia for gas and oil since it invaded Ukraine on Feb. 24.
The EU is edging towards a ban on imports of Russian oil by the end of the year, diplomats said, after talks between the Commission and EU countries at the weekend ahead of meetings this week.
Dependency on Russian gas varies between countries, but analysts have said an immediate total cut-off of Russian gas would plunge countries, including Germany, into recession and require emergency measures such as factory closures to cope.
The Commission will later this month unveil plans to end Europe’s dependency on Russian fossil fuels by 2027, including by expanding renewable energy and renovating buildings to consume less.
Let this be a valuable lesson for the future. Becoming dependent on Chinese solar panels, batteries and wind turbines is putting the democracies in a dependency situation towards a dictatorship again.
I recommend democracies to focus on self reliance through water power, hydrogen power or nuclear power.