Europe faces a tough choice: Is it worth a recession to choke off oil and gas money to Russia while it fights a war in Ukraine?
While U.S. and British bans on Russian oil increase the pressure on Europe to follow suit, the continent’s dependence on Russia for energy makes an immediate embargo much more difficult. Still, some officials say it is the only way to stop pouring billions in oil and gas revenue into President Vladimir Putin’s coffers, despite the near-certainty of record inflation worsening.
Europe gets around 40% of its natural gas and 25% of its oil from Russia, whereas the U.S. gets meagre amounts of oil and no natural gas. An EU boycott would mean higher prices at the pump and on utility bills, and ultimately the threat of an energy crisis and recession while the economy is still recovering from the coronavirus pandemic.
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