Implications for the EU of the Suspension of Oil and Gas Supplies from Russia - Alternatives in the Extended Black Sea Region

Abstract

The EC's decision to phase out energy imports from Russia has long-term implications. Energy supplies must be secure and cheap. This article proves that refusal to import oil and gas from Russia could, according to rough estimates, make energy in the EU between 30 and 50% more expensive, with all the negative consequences for industry and households. In terms of volumes and prices, the Black Sea region cannot offer the EU an alternative to Russian supplies.