Europe is struggling to find ways to stop paying Russia $850 million a day for energy and hit the Kremlin’s finances over its invasion of Ukraine. The 27-member European Union is finding that reversing decades of dependence on Russian oil and natural gas is not a simple matter. Leaders are now discussing sanctions on Russian oil, including a possible boycott. Here is what such a move could mean for people in Europe and the rest of the world:
HOW MUCH DOES EUROPE PAY RUSSIA FOR ENERGY?
Gas and oil are flowing to Europe even as governments denounce the war. The EU sends $450 million a day to Russia for oil and $400 million per day for natural gas, according to calculations by analysts at the Bruegel think tank in Brussels.
That means energy revenue is bolstering the Kremlin’s budget, adding to foreign currency reserves even as Western sanctions have targeted Russia’s reserves abroad. The Russian government got an…