News
The EU just proposed a ban on oil from Russia, its main energy supplier
The European Union relies on energy exports from Russia more than from any other country. Now, the EU is proposing to cut itself off from Russian oil. The proposal comes after weeks of speculation about how far the bloc would go in imposing economic sanctions that could harm its own member states.
Related Knowledge Center: Energy security and pricing
State of Play
The United States achieved net energy independence in 2020, but that has not insulated the nation from the roiling of energy markets in the wake of the Russian invasion of Ukraine. Europe has been a large consumer of Russian natural gas, and the effort to wean itself, with the help of the United States, has strained markets and endangered global efforts to address the climate crisis.