EU proposals for an embargo would deprive the Kremlin of a vital source of income
How far and fast should Europe go? In its ferocity and scale, Vladimir Putin’s February invasion of Ukraine caught the west unawares. But since then, the European Union has surprised itself by the speed, unity and depth of its response. In stark contrast to Britain, a generous EU-wide refugee scheme was quickly devised. A flow of defensive weapons across the Ukrainian border has provided invaluable military assistance to Kyiv. The scale of sanctions on individuals, banks and businesses has been unprecedented.
But even as these measures were being enacted, EU member states were handing Mr Putin billions of pounds each week to pay for imports of Russian oil and gas. As Ukraine’s president, Volodymyr Zelenskiy, has repeatedly underlined, European energy dependency on Moscow has provided the financial fuel to run the Kremlin’s stuttering yet brutal war machine. Addressing and curtailing that relationship is vital, as Brussels seeks both to pressure Russia into retreat and to secure strategic autonomy in the future. But in the midst of a cost of living crisis, and with a global recession on the horizon, an energy embargo carries significant risks of further inflation, shortages and consumer misery. As Germany’s economy minister, Robert Habeck, put it this week: “We will be harming ourselves, that much is clear.”
