Over the past two years, Europe has rapidly distanced itself from Russia’s energy commodities in protest to Russia’s war in Ukraine. The European Union’s embargo on the import of crude oil from Russia came into force in December 2022, followed by an embargo on oil products (including petrol and diesel) in February 2023. Meanwhile, natural gas imports fell more than 70% to 43 billion cubic meters (bcm) in 2023 from 150 bcm in 2021. And…
