Before the sanctions, Europe imported nearly 40% of its natural gas supply from Russia, in part via pipelines through Ukraine.
The invasion is making European leaders rethink their economies’ dependence on Russian gas. But the idea of cutting the energy cord with Russia isn’t new.
In 2014, Forbes published an article (read it here) that began, “Seizing on concerns about the impact of a possible halt in Russian gas through Ukraine, … Cypriot President Nicos Anastasiades suggested that the country’s recent gas discoveries could help provide an alternative to those European countries most dependent on Russian natural gas.” That was written a couple months after Russia seized Crimea from Ukraine.
Why Cyprus? Because it has large offshore gas fields. And now the spotlight is on Cyprus again, following confirmation last week of another major gas discovery in Cyprus’ exclusive economic zone (read story here). The eastern Mediterranean holds enough natural gas, largely controlled by Israel, Cyprus, and Egypt, to replace Europe’s Russian gas imports for years to come.
If Europe wants it (read that story here).