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European Union

EU's Energy Dependence on Russia Exposed: Key Insights and Statistics

Strategic Insights

— 2 min read

The European Union has spent significantly more on Russian energy imports than on aid for Ukraine since Vladimir Putin's invasion, according to EU foreign affairs chief Josep Borrell. The bloc paid Moscow €35 billion, compared to just €1 billion in aid for arms to Kyiv. This staggering contrast highlights the EU's energy dependence on Russia, with Britain announcing plans to end all dependency on Russian coal and oil by the end of the year.

Key Takeaways:

  • The EU spent €35 billion on Russian energy imports, 35 times more than the €1 billion allocated for arms to Ukraine.
  • Josep Borrell admitted that the EU pays €1 billion daily to Putin for energy imports, emphasizing the bloc's stark reliance on Russian energy.
  • Britain plans to end all dependency on Russian coal and oil by the end of the year, with gas imports to be phased out "as soon as possible" afterwards.
  • Liz Truss, the Foreign Secretary, urged EU allies to agree to a timetable to end all imports of Kremlin-controlled fossil fuels.
  • The UK has imposed sanctions on Sberbank, restricted the sale of advanced technologies, and banned the export of oil refining equipment to Russia.
  • The EU is considering a sixth round of sanctions, including an embargo on Russian oil, but requires unanimous backing from all 27 member states.
  • Hungary, heavily reliant on Russian gas and oil imports, will block EU sanctions on Russian oil and gas, with Viktor Orban ruling out Western weapons for Ukraine.
  • Hungary signed a new 15-year gas supply deal with Gazprom, committing to import 4.5 billion cubic metres of gas annually.

Statistics:

  • The EU paid €35 billion to Russia for energy imports, compared to €1 billion for arms to Ukraine.
  • Britain's annual investment in Russia was over £11 billion in 2020 prior to the imposed sanctions.
  • The EU has allocated €1 billion to Ukraine for arms since the start of the war.
  • The US has imposed sanctions on Sberbank and Alfabank, exempting energy transactions.
  • The US has sanctioned Putin's two adult daughters, the wife and daughter of Sergei Lavrov, and senior members of Russia's security council.

Sources:

  • "EU foreign chief Borrell admits bloc paid €35bn to Russia while helping Ukraine with just €1bn" by Mary Lawlor, The Telegraph.
  • Statement from Liz Truss, Foreign Secretary of the UK, on the EU's dependency on Russian energy.
  • "EU to Discuss Sixth Round of Sanctions on Russia, Including Oil Embargo" by Reuters.
  • "Hungary Will Block EU Sanctions on Russian Oil and Gas" by Al Jazeera.
  • "US Imposes Sanctions on Russian Banks and Individuals" by Bloomberg.

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