Since Russia has invaded Ukraine, which affects financial institutions in Russia that were banned from the western world, Putin announced that the countries that banned Russia have to pay for gas in Russian currency, and Gazprom, which Russia owns, has already cut off supplies to Poland and Bulgaria until they pay in Russian currency.
Bulgaria said that they will increase the amount of gas from Azerbaijan, for Poland has connected a new pipeline with Norway’s gas field which it will complete within October 2022, and also they will increase its gas supply from Lithuania. The EU could receive gas from Qatar, Algeria, or Nigeria but there are practical difficulties to expand their production. The researcher’s analysis said that “It’s harder to substitute gas because we have these big pipes that are taking Russian gas to Europe.” However, it doesn’t mean it is impossible to avoid using gas from Russia, other countries such as the US which export gas the same as Russia, and the EU has proposed a plan to make the EU independent from Russia’s fossil fuel before 2030.
Moreover, Russia is the world’s third-biggest oil producer but the EU could import oil crude from the US or Saudi Arabia which affects oil production from Russia was dropped and Russia has to find new markets to export oil may it be Asia.
However, people in the EU were affected by these causes, they were already facing rising energy and fuel bills, and the government had to find new ways to solve this problem.
Published 04/05/2022
By Windy K.
