Ukraine Invasion: Europeans Weigh Costs Of Cutting Russian Energy

Across Europe, rising energy prices are testing the resolve of ordinary consumers and business owners who are caught between the continent’s dependence on cheap Russian energy and its revulsion over President Vladimir Putin’s invasion of Ukraine.

Governments are trying to replace energy supplies from Russia, mindful that their regular payments are funding a war that has seen thousands of civilian deaths and widespread destruction.

They also face a nerve-wracking showdown with Moscow over its demands for payments in rubles, and the possibility that Russia will block supplies, as it did to Bulgaria and Poland last week.

European Union countries import 40% of gas and 25% of oil from Russia, and the current EU timetable doesn’t foresee energy independence from Moscow for another five years. As atrocities unfold, the EU is looking to sharpen sanctions.

The EU’s executive commission on Wednesday proposed phasing out imports of crude oil within six months and refined products by the end of 2022.

It must be approved by all 27 member countries, which will be a battle because some are more dependent on Russian oil than others. Still, oil is easier to replace than natural gas, which is used to generate electricity and power industries.

In a poll of 1,230 random voters published last month by German public broadcaster ZDF, 28% said the country should halt natural gas and oil imports immediately, even if it means supply problems, while 54% said it should only happen if the supply is largely secured, and 14% opposed a ban.