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Europe and Russia halting their mutually beneficial business of oil and gas

Amid the Russian-Ukraine crisis, European Union has drawn a plan to successfully counterattack Russia by proposing "no longer staying dependant on Russia for fossil fuels." According to data presented The European countries approximately imports 40% of crude oil and gas from Russia making it one among the larger importer of fossil fuels from Russia. The European Union witnessing such arbitrary and aggressive action of Russia concluded on Tuesday that the European Commission outlined an ambitious proposal to “make Europe independent from Russian fossil fuels well before 2030.”

Before the onset of the Russian-Ukraine war, Europe has been witnessing exorbitant natural gas prices in recent months as Russia has initiated certain restrictions of tight supply of oil and gas over Europe to discourage Europe from inclining towards Ukraine.

The European Commission President Ursula von der Leyen said that “We must now become independent from the dependency of oil, coal, and gas from Russia." He further stated that “We simply cannot rely on a supplier who explicitly threatens us.” The proposals regarding the import will be discussed at a meeting of European leaders in France this week. If legislated by members of European countries, a new and beneficial zone would be opened for the countries like Qatar and around the Gulf of Mexico to builders of solar energy parks and offshore wind farms. But the only question which hovers is whether they can be enforced rapidly enough to stave off further harm to household finances and the broader economy.

Besides the European countries, many other countries like the U.S are in the process of cutting the supply ties with Russia. On Tuesday President Biden also announced a complete ban on Russian oil and gas import. Britain also proclaimed on Tuesday that it would no longer accept the imports of Russian oil by the end of the year.

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