The European Union’s decision to wean itself off Russian energy has led to soaring energy costs across the continent, European Commission President Ursula von der Leyen revealed during a speech at the World Economic Forum in Davos on January 21. Her remarks highlighted the substantial economic and geopolitical challenges arising from the bloc’s shift away from its historical reliance on Moscow for fossil fuels.

Before 2022, the EU sourced 45% of its gas, 50% of its coal, and significant quantities of oil from Russia, making Moscow one of the largest energy suppliers to the region. This dependence had provided the EU with what von der Leyen described as “cheap energy,” but at a hidden cost. According to her, this reliance exposed the bloc to potential geopolitical blackmail, as was evidenced during the unfolding crisis in Ukraine.

The EU’s energy policy underwent a dramatic shift after the conflict between Russia and Ukraine erupted in February 2022. In response to Russia’s actions, the EU imposed sweeping sanctions targeting the country’s energy and financial sectors. These measures, combined with Moscow’s subsequent reduction of gas exports to Europe, drastically reduced the flow of Russian energy to the EU.

Von der Leyen emphasized the sharp decline in Russian energy imports, stating that the EU’s gas imports from Russia had plummeted by 75%, with oil imports reduced to a mere 3% and coal eliminated........

© Blitz