EU Could Restart Russian Energy Imports

­If Russia and Ukraine move forward on a peace deal, its corollary effects will be felt around the globe – not the least of which is a stabilization of energy prices.

Other than the human cost, the most destructive effect of the War in Ukraine was exacerbating the energy crisis (and in some cases, even causing a new renaissance for fossil fuels).

As of 2021, and out of 4.423 billion tons of oil worldwide, Russia’s oil production stood at 534 million tons (or 12% of the global total). They also accounted for 5% of coal and 16% of gas, and Europe was especially dependent on those imports.

Prior to the war, Russian pipeline gas was responsible for about 40% of the EU's total and around 23% of total energy imports.

And in immediate aftermath of the invasion, oil, coal and gas went up by around 40%, 130% and 180%, respectively. It got so bad that countries like Germany restarted coal production out of sheer desperation.

The jury’s out on whether this major energy hiccup will effect the EU’s plan to ween themselves off Russian fossil fuels entirely by 2027.

But with peace potentially on the horizon, Europe is eager to restart the Russian energy imports.

Hungary went so far as to acquire “requested guarantees” from the EU on securing energy transit from Russia (after previously threatening to veto further sanctions against Russia).

"The Commission is ready to continue discussions with Ukraine on the supply to Europe through the gas pipeline system in Ukraine," said an EU diplomat.

The Hungarian chief diplomat noted that “They made it clear that the integrity of the energy infrastructure supplying EU member states is a matter of security for the entire EU.”