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Eurozone | EU faces tough trade-offs to phase out Russian gas

Following Russia's attack on Ukraine, the EU Commission has accelerated plans to phaseout Russian gas, with a two-thirds cut this year. To offset the cut, it aims to boost LNG imports and renewables. But we think the EU faces difficult trade-offs in juggling its goal to phase out Russian gas while avoiding economic damage and staying on course to fulfil its green ambitions.

What you will learn:

  • Europe has more leverage over Russia on gas sales than oil and coal. Most gas is supplied via pipelines, whereas oil and coal can be sold globally.
  • The EU's gas imports from Russia account for around 10% of its total energy needs.
  • Germany, Italy, and Central and Eastern Europe are the most exposed due to a high share of gas in their energy mix and dependence on Russian gas.

Topics: Forecasts, Europe, Eurozone, Macroeconomics, Oil prices, Oil production, Outlook, Oil and gas, Russia, Supply and demand, Energy prices, Oil, European Union, Ukraine, Energy

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