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Ukraine

The "games" in energy while the war in Ukraine holds up well

26 Feb, 2024

Energy actions highlight a level playing field during the Ukraine war: The European Union (EU) is reducing its dependence on Russian hydrocarbons, while Moscow is emerging as its second-largest supplier of liquefied natural gas (LNG ). These EU efforts have had mixed results, especially with regard to natural gas.
Before the start of the war in Ukraine, 40% of the EU's natural gas consumption was imported from Russia. However, given the high dependency and inability of the EU to impose direct embargoes, its response was limited to reducing imports. This is due to the absence of a coherent EU-wide decision measure for embargoes or other enforcement moves.
Moscow, for its part, is taking advantage of this gap and developing its role as a supplier of liquefied natural gas (LNG) to the EU. This motivation is due to efforts to reorient the Russian economy towards the foreign market, especially after the sanctions imposed due to the crisis in Ukraine.
Despite the EU's efforts to reduce its dependence on Russian hydrocarbons, Moscow's development as a second LNG supplier represents a new challenge to the EU's energy security and independence strategy. Moreover, this development may affect the geopolitical balance in the region and increase the impact of the Ukraine crisis on Europe's energy security.

As the EU seeks to diversify its energy sources and reduce its dependence on Russian suppliers, the recent increase in LNG imports from Russia is an indication of the challenging dynamics in the energy sector. EU actions on energy security entail the need to further develop and diversify energy sources, as well as to ensure transparency and stability in the energy market.
At the same time, the challenge facing the EU in the energy sector is also affected by geopolitical developments and the actions of other international actors, such as Russia. The prospect of Russia as a major LNG supplier to the EU may strengthen its geopolitical influence in the region and create new challenges for the EU's energy security.
Overall, EU energy policy faces complexities and challenges in the context of the current geopolitical environment, necessitating the adoption of coordinated and strategic approaches to ensure energy security and achieve its energy goals in a period of uncertainty and change.

 

 

 

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