EU countries import 90 per cent of their fossil gas needs and more than 40 per cent of that is from Russia. As Vladimir Putin continues his internationally-denounced invasion of Ukraine, those imports have become an extremely contentious issue.
The situation has already prompted the German government to nix the Nord Stream 2 pipeline, which would have connected Russian gas to northeast Germany via the Baltic Sea. Berlin is also preparing for the likelihood that Moscow cuts deliveries via the parallel Nord Stream 1 pipe.
According to best estimates and current gas prices, EU countries send Russia more than €600 million every day to cover gas purchases. It does not take a geopolitical expert to see that other economic sanctions on the Kremlin are undermined by this status quo.
On Tuesday, the European Commission – the EU’s executive branch – published its plan to cut gas imports drastically and even phase them out “way before 2030”. Rather than banning...