Posted 2/25/2024, 11:52:27 AM
Europe Cuts Direct Reliance on Russian Energy Since Ukraine Invasion, But Indirect Flows Persist
- Western Europe has substantially reduced direct reliance on Russian oil and gas since the Ukraine invasion
- Analysts found Europe shifted suppliers, relying more on the US, Canada, and other non-Russian sources
- The economic downturn decreased overall energy demand in Europe, aiding the shift away from Russia
- However, some Russian fossil fuels still likely reach Europe indirectly via other countries like India
- If China and India were also forced to exclude Russian energy, it could spark another crisis due to supply shortfalls globally