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03.02.23 – Cyprus presidential elections crucial for regional oil, gas development – opinion

Historically, nations to Europe’s East and South (and the Middle East) supplied the necessary energy to the West. Over the last two decades, the European dependence on imported natural gas went up by almost 20%, from 65.7% to 83.6%. Before the war in Ukraine started, Germany imported 60% of its gas from Russia.

With Russian lobbyists pressuring Europe to cast aside alternatives to Russian gas, such as nuclear energy, we saw a lopsided growth in Russia’s strategic power over Europe. However, it clearly backfired as Putin’s war on Ukraine has continued despite sanctions. Russia lost a huge market in Europe: as much as 150 billion cubic meters of gas sold annually.

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