EU aims to increase sanctions on Russian oil and gas as officials say finding alternatives “requires at least several months”
In 2021, the EU imported 155 billion cubic metres of gas from Russia, representing 45 percent of its gas imports.
Russian oil and gas sales to the EU account for a far higher amount of revenue: between a quarter of a billion to a billion euros per day, per different estimates. In any case, it's clear that European industry and consumers will have to consume less oil and gas — something economists call "demand destruction."
Yet determination to target Russian energy was evident at the last meeting of EU foreign ministers on Monday in Luxembourg.
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