The European Union (EU) seems poised to make historic moves away from their reliance on Russian gas, oil, and nuclear. Specifically, by the end of 2027, they would like to fully retire these resources. Those proposals would be released as individual legislative proposals in June by the European Commission. These proposals will call for all member states to develop national strategies for the transition. In response, the EU is moving to decrease its reliance on Russian energy sources. This action fulfills their overall strategy of managing continued geopolitical conflict seen over the past few years.
Speaking at a press conference in Strasbourg on Tuesday, European Commissioner for Energy Dan Jorgensen announced the Commission’s ambitious roadmap. It bans imports of Russian gas and liquefied natural gas entirely by that date, although it does not impact Russian pipeline gas imports. He told us to focus on what is happening now. While the EU has made great strides, these have not been sufficient to mitigate the EU’s dependence on Russian energy assets.
The European Union’s reliance on Russia for uranium imports received a fresh dose of scrutiny. In reality, over 14% of uranium will be imported next year. Now it is time for EU member states to act. To that end, they should develop concrete plans to remove their dependence on Russian uranium, enriched uranium and other nuclear materials. Jorgensen stressed the need for a “stepwise and gradual” process. This strategy seeks to mitigate the adverse effects on the EU’s energy landscape.
Over the past year, the EU has dramatically reduced its import share of Russian oil. It has tanked from 27% at the beginning of 2022 to a mere 3% today. This decline is indicative of the bloc’s drive to combat Russia’s aggression and secure their energy independence. Jorgensen stated, “No more will we permit Russia to weaponise energy against us… No more will we indirectly help fill up the [Kremlin’s] war chests.”
The European Commission recently announced their plan to target Russia’s “shadow fleets.” These oil tankers are opaque in their ownership and insurance, enabling Russia to continue exporting oil under sanctions. This import limitation is designed to do even more to limit Russia’s ability to benefit from loopholes in international trade regulations.
Jorgensen credited the EU for making strides in cutting its energy dependency on Russia, but emphasized that a lot is left to be desired.
“We’ve come far, but not far enough.” – Dan Jorgensen
Meanwhile, the EU prepares itself for key legislative negotiations. It is that resolve to make our energy future more sustainable, less reliant on foreign adversaries and more resilient to geopolitical risks that underpins the bipartisan Inflation Reduction Act. The pending proposals are critically important to changing the region’s energy future. They set out, as their core mission, to bring long-term stability to their member states.