Europe has shaken off Putin’s gas embargo

Europe has successfully dealt with Putin's gas embargo and must now de-risk its trade with China. Policymakers should consider producing goods domestically or diversifying imports.

May 29, 2023 . 7:56 PM

1 min read

Europe has successfully dealt with Putin's gas embargo, which proved to be less harmful than anticipated.
Policymakers must now consider how to reduce dependency on China for imports.
Europe's dependence on Russian gas was reckless, accounting for 25% of energy consumption.
European households and firms demonstrated a remarkable ability to adapt to changing circumstances.
Replacing imports with domestically produced goods and diversifying imports are two approaches to de-risking trade with China.