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2. Gas and Energy Security in Germany and Central and Eastern Europe
- Author:
- Guntram Wolff and Alexandra Gritz
- Publication Date:
- 12-2022
- Content Type:
- Policy Brief
- Institution:
- German Council on Foreign Relations (DGAP)
- Abstract:
- Russia’s weaponization of gas supplies caused a shock to the energy security of Central and Eastern Europe. Countries responded by increasing alternative gas supplies and LNG import capacity. Gas flows shifted from the east-west axis to west-east and north-south axes. In the short term, the usage of coal is rising; in the longer term, renewable and nuclear energy. Mitigating the effects of this shock requires the EU to prioritize policies that foster the integrity and security of its energy market.
- Topic:
- Security, Natural Resources, European Union, Gas, Energy, and Russia-Ukraine War
- Political Geography:
- Europe, Eastern Europe, Germany, and Central Europe
3. Cutting Putin’s energy rent: ‘smart sanctioning’ Russian oil and gas
- Author:
- Georg Zachmann, Guntram Wolff, Agata Łoskot-Strachota, Simone Tagliapietra, Axel Ockenfels, Ricardo Hausmann, and Ulrich Schetter
- Publication Date:
- 04-2022
- Content Type:
- Working Paper
- Institution:
- Bruegel
- Abstract:
- In the wake of the Russian aggression against Ukraine, major sanctions have been imposed by Western countries, most notably with the aim of limiting Russia’s access to hard international currency. However, Russia remains the world’s first exporter of oil and gas, and at current energy prices this provides large hard currency revenues. As the war continues, European governments are under increased pressure to scale-up their energy sanctions, following measures taken by the United States, the United Kingdom, Canada and Australia. Given the inelasticity of Russia’s oil and gas supply, the most efficient way for Europe to sanction Russian energy would not be an embargo, but the introduction of an import tariff that can be used flexibly to control the degree of economic pressure on Russia.
- Topic:
- Oil, Sanctions, Gas, Vladimir Putin, and Energy
- Political Geography:
- Russia, Eurasia, and Ukraine
4. Cutting Putin’s Energy Rent: ‘Smart Sanctioning’ Russian Oil and Gas
- Author:
- Ricardo Hausmann, Agata Łoskot-Strachota, Axel Ockenfels, Ulrich Schetter, Simone Tagliapietra, Guntram Wolff, and Georg Zachmann
- Publication Date:
- 04-2022
- Content Type:
- Working Paper
- Institution:
- The John F. Kennedy School of Government at Harvard University
- Abstract:
- Following the Russian aggression against Ukraine, major sanctions have been imposed by Western countries, most notably with the aim of limiting Russia’s access to hard international currency. However, Russia remains the world’s first exporter of oil and gas, and at current energy prices this provides large hard currency revenues. As the war continues, European governments are under increased pressure to scale-up their energy sanctions, following measures taken by the United States, the United Kingdom, Canada and Australia. This piece argues that given the inelasticity of Russia’s oil and gas supply, for Europe the most efficient way to sanction Russian energy would not be an embargo, but the introduction of an import tariff that can be used flexibly to control the degree of economic pressure on Russia.
- Topic:
- Economics, Oil, Sanctions, Exports, Currency, Energy, and Russia-Ukraine War
- Political Geography:
- Russia, Europe, Ukraine, and North America