EU is Drilling for Independence from Russian Oil

Despite being at the center of the largest military conflict in Europe since World War II, Russia’s natural gas continues to flow through Ukraine to the rest of the continent. Natural gas is one of the several commodities affected by Russia’s invasion of Ukraine. The European Union receives roughly 40% of its natural gas from Russia, while Germany gets roughly half of its reserves from Russia. At the start of the conflict, Germany froze its participation in the Nord Stream 2, a gas pipeline under the Baltic Sea connecting Russia to Germany’s coast. The EU announced plans to reduce demand for Russian gas and make Europe independent from Russian fossil fuels by 2030, while the U.S. imposed economic sanctions targeting Russia’s financial institutions. An article published by CNBC reports on the role of natural gas plays in the Ukrainian conflict and how other countries are impacted.
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