Overcoming dependence of Russian oil and gas: the EU shared achievements

Russia’s gas exports to Europe dropped 80% in eight months

The European Union overcame its dependence on Russian oil and gas. 80% of Russian gas imports were compensation through supplies from the U.S. and Norway, informed President of the European Commission Ursula von der Leyen, as reported by the press service of the government of Germany.

She stated that Russia cut gas exports to Europe by 80% in eight months.

“The good friends, such as the U.S. and Norway naturally helped, supporting us with supplies of liquefied and piped gas,” informed the President of the European Commission.

The EU consumption of natural gas has dropped by 19.3% in the period August 2022-January 2023, compared with the average gas consumption for the same months (August-January) in the past five years, according to Eurostat. In some European countries, gas consumption dropped 40-50%. Consumption fell most in Finland (-57.3%), Lithuania (-47.9%) and Sweden (-40.2%).

As a reminder, after the beginning of Russia’s invasion of Ukraine, the EU introduced major sanctions against Russia, which provided for a phased rejection of gas supplies to European countries. In the summer of 2022, Russia unilaterally began to refuse to supply gas to European countries.

At the same time, Austria increased Russian gas imports. Austria’s dependence on Russian gas increased again at the end of 2022.

Also, on February 4, the EU Council officially approved price caps for Russian petroleum products. Sweden approved the price cap for Russian petroleum products on February 15.

GLAVCOM.UA