While western sanctions against Russia for the Ukraine invasion have so far largely avoided targeting its oil and gas sector, the impact already is “forcing a major rethinking of Europe's energy-transition strategy,” particularly in expediting the move away from reliance on Russian energy, says Housley Carr, a global sector analyst for Houston-based consultant RBN Energy.
Just prior to the start of the Russian invasion, European Commission (EC) President Ursula von der Leyen said as much to participants at the Feb. 19 Munich Security Conference. “We must diversify both our suppliers and our energy sources,” she said, adding that “in the medium and long term, we are doubling-down on renewables.” There is much back and forth among experts about what that should or could mean, as specifics are scarce.