Published: May 11th, 2022,
Last updated: May 28th, 2025

In a matter of months, the European Union has reduced its dependence on Russian oil so much that it is now ready to impose an embargo. European Commission President Ursula von der Leyen has announced a plan to ban Russian crude oil imports to most of the EU in the next six months, and refined oil products by the end of the year. Yet, to have a meaningful impact on Russia’s budget, Europe must also end its dependency on Russian gas. This will prove much more difficult to achieve.