Though Russia became a pariah long ago for its dodgy policy, the G7 countries had to admit the uncomfortable truth about their interest in cheap imports of Russian fossil fuel. Until Russia’s invasion of Ukraine, almost all European economies had followed long-standing contracts through established delivery schemes and infrastructure. At the G7 summit in late June, British Prime Minister Boris Johnson said the "party" of hydrocarbons from Russia for the G7 countries was over.
Notably, all Western leaders lament the end of the era of cheap hydrocarbons from the rogue state. The EU countries realize that Moscow abuses the great EU reliance on Russian oil and gas to cherish its geopolitical ambitions. Despite discontent from countries heavily exposed to Russian energy imports, the EU authorities have urged all members to join the full embargo. For the time being, the EU leaders are seeking alternative suppliers and other options for replacing Russian fossil fuels. The broad transition to green energy is high on the agenda. “I think here in the G7… we all realize that the party is over for Russian hydrocarbons. Everyone is looking for ways to adapt. In the short term, we have to find hydrocarbons somewhere else but in the long term, we’ve got to work together on the green solutions that we all believe in,” the British Premier said in an interview with CNN.
Previously, some experts warned the UK about a looming food crisis due to the severance of all links with Russia and the simmering hostilities in Ukraine. Food prices are likely to rise dramatically for the whole of 2022. On top of that, they might surge another 20% in the early months of 2023.
