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The United States and United Kingdom unveiled what they say are the harshest sanctions targeted at Russia’s energy sector since Moscow’s troops began a nearly three-year-old war on Ukraine in ...
As of 2014, oil and gas comprise over 60% of Russia's exports and account for over 30% of the country's gross domestic product (GDP). [5] Russian energy policy of pumping 10.6 million barrels of oil a day [6] is nearly 4 billion barrels annually. Russia holds 54% of world reserves of gas, 46% of coal, 14% of uranium, and 13% of oil.
Russia's energy revenue could take another hit if Ukraine doesn't renew a key gas deal by the end of the year. Losses could mount to $6.5 billion a year for Moscow, per Bloomberg's calculations.
As part of the sanctions imposed on the Russian Federation as a result of the Russo-Ukrainian War, on September 2, 2022, finance ministers of the G7 group of nations agreed to cap the price of Russian oil and petroleum products in an effort intended to reduce Russia's ability to finance its war on Ukraine while at the same time hoping to curb further increases to the 2021–2022 inflation surge.
The EU has significantly reduced imports of gas from Russia since it launched its full-scale invasion of Ukraine in 2022, but a number of eastern member states still depend largely on the supplies ...
Russia wanted the EU to back away from Ukraine and decided to use gas as a weapon, by threatening to cut off supplies. [15] In March 2022, the European Commission and International Energy Agency presented joint plans to reduce reliance on Russian energy, reduce Russian gas imports by two thirds within a year, and completely by 2030. [16] [17] [18]
Russian energy giant Gazprom is considering a 40% cut to its headquarters staff after posting its first loss in 24 years, according to a letter from one of its board members to the firm's CEO.
The EU continues to import LNG from Russia, and in 2022 increased their purchases by 35% to 13.8 million tons (19.2bcm). Spain is a major importer of Russian LNG in 2022 and 2023 at around 5m tons. [36] [2] France bought 3.6m tonnes and 4.9m tonnes went through Zeebrugge.