European countries spent $38 billion on Russian energy in the past 6 weeks
Sheet Wall Street Journal quoting EU foreign policy representative Josep Borrell as saying that the 27 member states of the European Union spent about $38 billion on energy import contracts from Russia after Moscow launched a military operation in the region. Ukraine on February 24.
The European Union (EU) has paid $38 billion for energy from Russia since the military operation in Ukraine began. (Photo: Bloomberg)
About 60% of the EU’s energy needs come from imports. Thus, although the alliance has imposed many sanctions on Moscow, most of the orders still avoid Russian oil and gas.
Although the EU announced on April 6 that it would cut Russian energy imports and support its proposal to ban the use of coal, oil and gas continued to be brought from Russia to countries the Kremlin called. “not friendly”.
According to European Commission president Ursula von der Leyen, EU officials are considering setting up an escrow account so the bloc can make some energy payments.
If this decision is passed, the escrow account will freeze Russian energy sales abroad. However, Mr. Putin has warned that Russia will cut off its energy supply if it cannot access the payments.
On April 6, US Treasury Secretary Janet Yellen said creating an escrow account for Russian energy revenue was a possible way to increase pressure on Moscow.
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