Reducing Europe’s dependence on Russian gas is possible—but it will take time, money and sustained political will
Cuts in the energy subsidies which lead Ukrainians to burn gas so wastefully are sure to be required in return for money from the IMF. Ukraine currently produces 20bcm of gas; if it were as efficient in its use as some countries are, it could be more or less self sufficient
.. Oil-and-gas exports make up 70% of Russia’s $515 billion annual exports, and 52% of the federal budget, according to America’s Energy Information Administration.
.. In theory, Russia’s gas exports to Europe are a weapon that points the other way. If Russia were to push farther into Ukraine, or to try its chances in Moldova, Georgia or the Baltic states, and Europe to take strong action in response, it could shut down exports completely, thus doing huge damage to the EU. But barring immediate, permanent and total victory, that would also doom Russia as a gas exporter.