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Analysis of the European Union's Energy Dependence on the Russian Federation. The European Resilience in Gas Supply in the Context of Russian-Ukrainian Tensions

In: Digital Economy and the Green Revolution

Author

Listed:
  • Ioan-Cătălin Murărașu

    (Bucharest University Of Economic Studies)

Abstract

The military conflict between Ukraine and the Russian Federation requires a prompt and balanced response from the European Union, which must support Kiev’s Western course, but also has to manage its energy industry’s dependence on Russian natural gas. A Munich syndrome in Brussels’ foreign policy would be a real failure, just as a set of uninspired or inefficient economic sanctions would cause irreparable losses for the Member States. The main objective of the article is to analyze the evolution of the European Union’s dependence (EU-27, after BREXIT) on the natural gas delivered by the Russian Federation during 2000–2021 period. The study will identify the causes that made it impossible to reduce this dependence and will formulate opinions on the factors that have affected Europe’s energy security over the last two decades. EViews12 (Hodrick-Prescott filter) and PSPPIRE (Pearson correlation coefficient) software were used in the research. The results of the research show an upward trend in the European Union’s dependence on Russian gas imports, mainly due to the year-on-year decline in the Member States’ domestic production. The assessment indicates a medium-term continuation of the evolution presented, but the inclusion of investments in the gas sector in the European taxonomy on sustainable financing can relaunch the domestic upstream sector, reversing this trend.

Suggested Citation

  • Ioan-Cătălin Murărașu, 2023. "Analysis of the European Union's Energy Dependence on the Russian Federation. The European Resilience in Gas Supply in the Context of Russian-Ukrainian Tensions," Springer Proceedings in Business and Economics, in: Mihail Busu (ed.), Digital Economy and the Green Revolution, pages 175-187, Springer.
    • Handle: RePEc:spr:prbchp:978-3-031-19886-1_14
    DOI: 10.1007/978-3-031-19886-1_14
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