Russia’s invasion of Ukraine has prompted the United States and its allies to impose tough sanctions designed to isolate Russia from the world economy. While those sanctions have dealt a major blow to Russia’s financial system, they mostly have not included direct restrictions on the country’s most important industries: oil and gas. Those exemptions show how deeply reliant the West has become on Russian energy exports, which supply about 40 percent of Europe’s natural gas and a quarter of its crude oil. Europe ending or significantly reducing its reliance on Russian oil and gas would represent a major shift in the global energy market, but experts are divided over whether that disruption would be a move forward or a setback for the green energy transition that’s necessary to combat the worst effects of climate change.
By Mike Bebernes. YahooNews. March 2, 2022.
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