Russia has been on the agenda this week as efforts to broker peace in the country’s invasion of Ukraine remain ongoing.

However behind the scenes has been the efforts by the European Union to end its reliance on Russian gas. While data found that the Russian shadow fleets has already exported $4.7 billion of Russian oil across the world in defiance of the global sanctions the EU has turned off the taps announcing its will no longer use Russian energy.

In announcing the decision Dan Jørgensen the Danish Commissioner responsible for energy and housing for the EU said: “Today is indeed a good day for Europe, a good day for Ukraine, and a very bad day for Russia. Today we close the taps on Russian gas. It is a historic decision.

“It is an unprecedented decision. But it is a necessary one.”

He continued: “Putin has weaponised energy against us. Putin has blackmailed Member States of the European Union. And he has used the profits to finance a terrible war against our friends in Ukraine. Today we say: No more! And never again!”

Jørgensen said the EU will never go back to “our dangerous dependence on Russia. To volatile supplies and market manipulation. To energy blackmail and economic exposure.”

“Instead, we choose a new future, of energy security and independence for Europe,” he continued. “In which we harness our own clean, homegrown, and affordable energy.

“This is a change that Europe is prepared for. It is a step that we are ready to make.  The phaseout will be careful, gradual, and coordinated.”

Jørgensen  concluded: “We choose security for our people. Stability for our economy. Independence for Europe. And, once again, we stand by Ukraine.”

It came as Russian president Vladimir Putin warned that while Russia was not looking to wage war on Europe if Europe were to begin an armed conflict the country was ready for battle.

All this against a backdrop of ongoing talks between US negotiators and Russia in an effort deliver a peace deal in Ukraine.

The stakes remain significant as do the risks and while geopolitical threats continue the concern is that there is now a rising concern that the war in Ukraine will only intensify.

Jon Guy, Editor,

Emerging Risks