The Russian occupation of Crimea has raised concerns about the
European Union’s dependence on its eastern neighbor for natural gas. The
EU gets about 34%
of its natural gas imports from Russia, a large portion of which
transits Ukraine through a web of pipelines.
For Eastern Europe, that dependence is much greater. In the brutally cold winter of 2009 Russia cut off gas supplies to Europe allegedly over a pricing dispute with Ukraine.
However, it was also a lesson to Western Europe on its dependence on Russia for energy.
Russia has a track record of using its natural gas supplies as a political weapon.
The latest incursion into Ukraine has no doubt revived worries among European policymakers that saw what happened back in 2009.
Thankfully, Vladimir Putin eased tensions on March 4, indicating that he wasn’t seeking a military conflict. This allowed natural gas prices to fall back a bit after spiking by 10% the day before.
Read more: Russia Needs to Sell Gas More than EU Needs to Buy it
For Eastern Europe, that dependence is much greater. In the brutally cold winter of 2009 Russia cut off gas supplies to Europe allegedly over a pricing dispute with Ukraine.
However, it was also a lesson to Western Europe on its dependence on Russia for energy.
Russia has a track record of using its natural gas supplies as a political weapon.
The latest incursion into Ukraine has no doubt revived worries among European policymakers that saw what happened back in 2009.
Thankfully, Vladimir Putin eased tensions on March 4, indicating that he wasn’t seeking a military conflict. This allowed natural gas prices to fall back a bit after spiking by 10% the day before.
Read more: Russia Needs to Sell Gas More than EU Needs to Buy it
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