Although most European nations have been making great strides towards a greener energy mix, it’s fair to say that Russia’s recent actions have accelerated the continent’s renewable energy plans.
Over the past month, the European Union has agreed to ban all sea freighted Russian oil imports, and non-EU countries have put similar regulations in place. The UK, for example, will phase out all Russian oil imports by the end of the year.
It’s not hard to imagine the impact this could have. Russia is no small player in the fossil fuels industry and supplies the EU with approximately 2.2 million barrels per day of crude oil. This oil fills Russia’s coffers up by an astonishing $1bn a day.
