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Ground Report | New Delhi: Russia gas pipeline; Western countries have imposed very strict sanctions after Russia's attack on Ukraine. However, it does not fully include Russia's most important industries, gas and oil.
Russia's economy, banking system and currency are under enormous pressure after the attack on Ukraine. Russia says that by completely banning Russian oil exports, crude oil prices can reach $300 a barrel. At the same time, Europe is trying to take a different path to reduce its dependence on gas, coal and oil.
The European Union currently imports half of its gas, coal and about a third of its oil from Russia. European Union leaders will meet this Thursday and Friday to reduce dependence on Russia.
In a statement, EU leaders did not directly refer to Russia's attack on Ukraine, saying "a new period of history is being written in the European history".
Within this framework, emphasis has been placed on the development of new growth and investment models by 2030, as well as on the diversification of energy supply and transport routes.
The Russian threat
After sanctions and warnings from Western countries, Russia threatened that a ban on Russian oil could cost it up to $300 a barrel and close the main gas pipeline to Germany.
To pressure Russian President Vladimir Putin, the United States said it and its European allies were considering imposing sanctions on the import of oil from Russia. World oil prices hit their highest level since 2008. On Monday, the price of crude oil hit $139 a barrel.
Russian Deputy Prime Minister Alexander Novak said the rejection of Russian oil would have devastating effects on the global market. He says the price of crude oil may double to $300 a barrel.
Russia is the third-largest oil producer in the world after the United States and Saudi Arabia. About 8-10% of the world's oil supply comes from Russia. Russia exports 4-5 million barrels of crude oil and 8.5 trillion cubic feet of natural gas each year. Most of this goes to the part of Europe. Russia exports 40% of gas and 30% of oil to the European Union, which will not be easy to find an alternative in the event of a supply disruption.
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