Can Europe Quit Russian Oil — And Go Green In The Process?

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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