Winter is not long away in Europe. Before then, most European countries must decide how long and how well they will cope with disconnecting from Russian energy.
Because of the hostilities in Ukraine, oil and natural gas are major currencies, which means that energy policy is central to determining the future of this conflict.
Jason Bordoff, director of the Center for Global Energy Policy at Columbia University, says: “One consequence of this conflict will be a fundamental realignment of the global energy system, trade relations and geopolitical alignments, with China and India more closely tied to Russia.
The two countries buy about half of Russia’s oil exports at a whopping 30 per cent discount. This is a good deal for both countries, allowing Beijing and New Delhi to diversify their sources of supply from the Middle East and bolster their economies with cheap fuel.
Globally, gas and oil imports from Russia have fallen by just 15% in recent months.