The EU knows how to weaken Russia's war economy

Russian blackmail, instability in the Middle East, and transatlantic trade wars are among the major risks to global energy security.

"We are facing a new paradigm for energy security. In Europe, we witnessed firsthand how Russia intentionally weaponised energy supplies. In the Middle East, conflict has stoked instability and threatened global shipping. And across the Atlantic, the threat of tariffs risk further disruption of crucial supply chains," highlighted Ursula von der Leyen, the President of the European Commission.

She recalled that at the start of the decade, Europe was too dependent on a single supplier for its energy needs.

At that time, Russia supplied Europe with 45% of its gas, 50% of its coal, and about a third of its oil consumption. Europeans could not accept, for decades, that the price of these fuels came with dependency, the risk of blackmail, economic losses, and price shocks.

Ursula von der Leyen also noted that the EU has completely stopped importing Russian coal and has significantly increased its oil supplies. This has resulted in a reduction of Russia's war economy and increased energy security for Europe.

According to Ursula von der Leyen, the European Commission will present a roadmap in two weeks to eliminate Russian fossil fuels, which will include concrete measures to completely stop all energy imports from Russia.

(MH with AmBar - Source: Agency - Photo: © Unsplash)