Europe’s ambitious plan to cut its reliance on Russian gas by two-thirds this year just might work. But it will come at a price—economically or environmentally.
The European Union is expected to release another round of sanctions this week covering industries such as steel and luxury goods, but the kind of bans on Russian energy introduced by the U.S. and U.K. aren’t on the table. The bloc’s road map to end its dependence on Russian fuels by 2027 already gives it plenty to do.
The EU wants to reduce Russian gas imports from the current annual run-rate of about 155 billion cubic meters to around 55 billion cubic meters next year. It can source about 10 billion cubic meters more gas through existing pipelines from Norway, Algeria, and Azerbaijan, but it will also need to buy five times that amount as liquefied natural gas.
Europe probably…
