Part 4/9:
Despite claims that the EU has diversified its energy sources and has effectively replaced a significant portion of its Russian gas imports, it is crucial to note that European nations still rely on Russia for a substantial amount of gas, often acquired through indirect channels. In the third quarter of the current year, Europe imported over 13 billion cubic meters of Russian gas, highlighting a persistent dependency even amidst efforts to pivot away from Russian energy sources.
The sanctions on Gazprom Bank have thrown a spanner in the works. European nations are now caught in a conundrum: how to procure Russian gas amidst stringent sanctions while contending with fluctuating global energy prices.