Over the past two years, Europe has rapidly distanced itself from Russia’s energy commodities in protest to Russia’s war in Ukraine. The European Union first placed an embargo on the import of crude oil from Russia in December 2022, followed by an embargo on oil products (including petrol and diesel) in February 2023. Meanwhile, Russian natural gas imports have fallen from about 450 million cubic meters per day (mcm/d) at the end of 2021 to about 150 mcm/d currently. The remaining gas flows are roughly split between LNG,…
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