Shocking pictures from the Ukrainian town of Bucha and accusations of Russian war crimes are building pressure for more sanctions against Moscow. A key potential target: Russian oil and natural gas, and the $850 million that European importers pay for those supplies every day.Western sanctions so far have targeted Russian banks and companies but spared oil and gas payments — a U.S. concession to keep European allies on board and present a united front.
Of the 155 billion cubic meters of gas that Europe imports from Russia every year, 140 billion comes through pipelines crossing Ukraine, Poland and under the Baltic Sea. Europe is scrambling to get additional supplies by ship in the form of liquefied natural gas, or LNG, but that can’t make up for losing gas by pipeline.
Germany, the continent’s biggest economy, still gets 40% of its gas from Russia, even after cutting its reliance. It aims to end Russian coal imports this summer, oil imports by year’s end and be largely independent on gas by 2024, Economy Minister Robert Habeck said.It’s working to get off Russian gas as fast as possible by finding new sources, conserving and accelerating wind and solar. The EU plan is to cut use of Russian gas by two-thirds by year’s end and exit well before 2030.
Makers of metals, fertilizer, chemicals and glass would be hard hit. Even a partial shutoff of gas to industry could cost “hundreds of thousands” of jobs, said Michael Vassiliadis, head of Germany’s BCE union representing workers in the chemicals and mining industries.
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