In the wake of Vladimir Putin's invasion of Ukraine, no European in their right mind wants Russia to have the free cash flow that its hydrocarbon exports currently provide. And the European Union, the United States, and their allies are already on track to remove this major source of the Kremlin's geopolitical leverage.
WASHINGTON/KYIV – Russia looms large in world energy markets. It supplies 40% of the gas consumed in the European Union, and this is a particularly important economic issue for Germany, Italy, and Austria. But Russia’s global energy footprint is largely about oil. It is the second-largest exporter of crude, behind only Saudi Arabia, averaging about five million barrels per day. Russia also exports some 2.85 million barrels of refined products, such as diesel and aviation fuel.
WASHINGTON/KYIV – Russia looms large in world energy markets. It supplies 40% of the gas consumed in the European Union, and this is a particularly important economic issue for Germany, Italy, and Austria. But Russia’s global energy footprint is largely about oil. It is the second-largest exporter of crude, behind only Saudi Arabia, averaging about five million barrels per day. Russia also exports some 2.85 million barrels of refined products, such as diesel and aviation fuel.