The European Union is banning Russian coal imports, marking the first time the 27-member union has shown willingness to touch energy supplies from Russia. It will cost Russia some 4 billion euros a year. But Europe spends far more on Russian oil and gas.
Yet European Council President Charles Michel said, “I believe that measures on oil and even on gas will also be needed sooner or later.”
Germany has reduced its reliance on Russian natural gas from 55% to 40%, but the government says the consequences to jobs from a cutoff would be too great. Energy Minister Robert Habeck says the country will halt Russian coal this summer, oil by year’s end and gas in mid-2024. But it’s not problem-free either. Russia is the world’s largest oil exporter, with 12% of global supply. Taking its oil to Europe off the market would drive up prices from other exporters, such as Saudi Arabia, when supplies are already tight.
Österreich Neuesten Nachrichten, Österreich Schlagzeilen
Similar News:Sie können auch ähnliche Nachrichten wie diese lesen, die wir aus anderen Nachrichtenquellen gesammelt haben.
U.S., Europe crack down on Russian spiesThe U.S. and Europe have expelled more than 400 Russian diplomats and embassy staff since the invasion of Ukraine began, according to an Axios tally.
Weiterlesen »
Nobel Prize-Winning Russian Journalist Dmitry Muratov Attacked On Train In RussiaAn unknown assailant threw red paint at Dmitry Muratov, winner of the 2021 Nobel Peace Prize, on a train from Moscow on Thursday, potentially damaging his eyesight.
Weiterlesen »
Russia-Ukraine live updates: Russian forces 'facing morale issues and shortages'Former Pres. Obama calls war in Ukraine a 'tragedy of historic proportions' and a 'reminder for democracies that have gotten flabby, and confused and feckless around the stakes of things that we tended to take for granted.'
Weiterlesen »
US hits Russia with 'war crimes' sanctions, Europe followingThe United States has announced new sanctions targeting Russia in retaliation for “war crimes” in Ukraine
Weiterlesen »
New Sanctions: U.S. Blocks Largest Russian Banks, Bans Investment In RussiaThe United States banned all new investment in Russia and placed full blocking sanctions on two of Russia’s largest banks SberBank and Alfa Bank in another wave of sanctions against Russia
Weiterlesen »
‘Take that, Putin!’: Europe looks to wean itself quickly from Russian energyThe European Union is facing a crisis: how to replace the 40% of its natural gas that it sources from Russia. Reversing course is no easy matter, given that the 27-country EU spends roughly $300 million on Russian energy every day.
Weiterlesen »