The European Union is Russia's largest trading partner, with 70 percent Russian gas exports and half of its oil exports going to Europe. Now, EU leaders are caught between wanting to punish Russia for its aggression and protecting its own economy
A coal-fired power plant in Mannheim, Germany, Oct. 28, 2018. Energy security has gained prominence while the conflict in Ukraine raises concerns over the possible interruption in the supply of oil and natural gas. (Gordon Welters/The New York Times)
The punishing sanctions that the United States and European Union have so far announced against Russia for its invasion of Ukraine include shutting the government and banks out of global financial markets, restricting technology exports and freezing assets of influential Russians. Noticeably missing from that list is a reprisal that might cause Russia the most pain: choking off the export of Russian fuel.
The omission is not surprising. In recent years, the European Union has received nearly 40% of its gas and more than one-quarter of its oil from Russia. That energy heats Europe’s homes, powers its factories and fuels its vehicles, while pumping enormous sums of money into the Russian economy.
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