Europe is bracing for a significant reduction of its main source of energy from Russia, which is angry at European sanctions. This week, Russia resumed operations for Europe’s main natural gas pipeline, but only at one-fifth of the pipeline’s normal flow.
Several EU countries, notably Germany, the Czech Republic and Slovakia, are highly dependent on Russian gas. In response, EU energy ministers (with the exception of Hungary) agreed to a voluntary 15% reduction in gas usage over this winter.
The EU spent roughly $105 billion on Russian energy imports last year. The EU’s sanctions against Russia, in response to its invasion of Ukraine, will ban about two-thirds of Russian oil imports.