Demands to impose sanctions on crude oil and gas from Ukraine are mounting in order to keep Russia under financial pressure due to the campaign. The United States wants to impose sanctions immediately. Because Russia’s economy is heavily dependent on oil and gas. The United States wants to take action to put pressure on Russia. But if the sanctions are lifted, Russia, as well as European countries, will be hit hard. Leaders of Germany, the United Kingdom and the Netherlands said on Monday (March 8th) that they were too dependent on Russian gas. -Reuters, BBC, Deutsche Welle
According to official statistics, 36% of Germany’s imports are Russian gas. About 1% to 5% of Germany’s electricity generation is dependent on gas. The Prime Minister of the United Kingdom Boris Johnson has stated that Russia’s dependence on oil and gas is the right way to go. But it has to be done step by step. After talks with the prime ministers of the Netherlands and Canada in London, Johnson said, “We need to ensure alternative gas supplies first.” We are thinking of an alternative, that is to use our hydrocarbons. Canadian Prime Minister Justin Trudeau announced last week that they would no longer import crude oil from Russia. However, Canada is the fourth largest oil producer in the world. As a result, they are not dependent on Russian oil.