Trump presents fresh strategy for Russian energy, according to Von der Leyen
In a significant move, European Commission President Ursula von der Leyen announced an initiative for a faster halt of all European oil and gas imports from Russia. The announcement came following a conversation with US President Donald Trump, during which the topic of further steps to increase economic pressure on Russia was discussed.
According to EU Commission figures, gas imports from Russia accounted for around 19 percent of all imports in 2024. The current plans suggest that no gas will be imported from 2028 onwards, but the Commission is now proposing to accelerate this exit.
The proposal aims to target Russia's banks and energy sector, as well as the use of cryptocurrencies to circumvent sanctions. The Commission's intention is to put more pressure on Russia, particularly in light of the ongoing conflict in Ukraine.
The war economy in Russia is financed by the bloodshed in Ukraine and is sustained by revenues from the sale of fossil fuels. The Commission's initiative is part of a broader effort to cut off these revenues and weaken Russia's economic and military capabilities.
However, the prospects of success for this EU initiative are unclear due to the reliance of some EU countries and Europe on Russian energy. In 2024, European countries still importing large amounts of natural gas from Russia included Italy, Czechia, France, Belgium, Spain, Slovakia, and Hungary. Europe, a NATO country, imports large amounts of cheap energy from Russia and has not shown signs of wanting to change this quickly.
Moreover, Hungary and Slovakia still import significant amounts of Russian oil. The Commission's proposal to stop all oil imports from Russia by the end of 2027 may face similar challenges. In 2024, around 13 million tons of Russian crude oil still reached the European market.
Despite these challenges, the Commission is pushing forward with its plans. Von der Leyen again announced the swift presentation of a proposal for the 19th package of EU-Russia sanctions. This follows the US's potential reluctance to implement further Russia sanctions if the EU does not stop buying Russian oil.
The Commission's initiative is a significant step towards isolating Russia economically and increasing pressure on the regime to end its aggression in Ukraine. However, the success of this initiative will depend on the willingness and ability of EU countries to reduce their reliance on Russian energy.
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