Moscow supplies the community club with Russian oil and natural gas imports. Funding for the Kremlin’s war machine is its main sourceJosep Borrell, the highest representative of community diplomaticy, highlighted the importance of this yesterday at the European hemicycle, Strasbourg. “We have given Ukraine 1 million euros.Although it may seem like a lot to some, 1 billion is the amount we give Putin each day. Since the war began, we have given it 35,000 million euros”, assured the Spanish politician in reference to the funds that the Twenty-seven have disbursed to arm the Ukrainian army so that it can defend itself against the Russian invasion, against imports. of oil and gas.
The Community Executive presented this Tuesday a new proposal that includes the embargo on Russian coal, which may mean – according to the calculations of the European Commission – a loss of 4,000 million euros of annual income for the Kremlin. This is despite the fact that This initiative is less ambitious than that of the European club members who support attacking Russia’s economy’s waterline but include the three Baltic republics as well as Poland.
Ursula von der Leyen (president of the Community Executive) made this statement on Tuesday. She suggested that oil might be included in the next round of sanctions. But she didn’t mention gas. German politics stressed yesterday that the punishments haven’t ended and there are still bullets inside the European Parliament. “These sanctions will not be the last. We have already banned coal but we now have to look at oil. And we will need to consider the revenue Russia receives from fossil fuels.
Charles Michel, President of the Council, endorsed his words. The Belgian politician stated that he believed that oil and gas measures would be required sooner or later. Germany, the European engine, is the main source of opposition in dealing with hydrocarbons. But, its resistance seems to be easing when it comes oil. Russia accounted to 55% of Germany’s consumption of this gas before the war. This figure rose to 40% by the end of quarter one. The average European country produces 10% and 40% of the 90% arrives through third countries. The European Commission proposed a plan to cut the supply of this hydrocarbon by a third by the end the year. It also included the United States as an alternate supplier of liquefied natural gas via methane tankers. Germany, on the other hand, is facing an energy revolution of its own and presented a plan to reduce Russian coal consumption and become almost self-sufficient with crude oil. Berlin predicts that it will take two more years to reach zero dependence on Moscow for gas.