User:EnergyAnalyst1/sandbox3
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Russia supplies a significant volume of fossil fuels to other European countries. In 2021 it was the largest exporter of oil and natural gas to the European Union,[1] and 40% of gas consumed in the EU came from Russia.[2]
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The Russian state-owned company Gazprom exports natural gas to Europe. It also controls many subsidiaries, including various infrastructure assets.[citation needed] According to a study published by the Research Centre for East European Studies, the liberalization of the EU gas market drove Gazprom's expansion in Europe by increasing its share in the European downstream market. It established sale subsidiaries in many of its export markets, and also invested in access to industrial and power generation sectors in Western and Central Europe. In addition, Gazprom established joint ventures to build natural gas pipelines and storage depots in a number of European countries.[3]
The dependency on Russian fossil fuels poses energy security risks for Europe.[4] In a number of disputes Russia used pipeline shutdowns, which motivated the European Union to diversify its energy sources.[5] The rapid expansion of renewables in the European energy market would allow for less imports. As a reaction, Russia is expanding its export abilities towards China, as it has only one pipeline.[6][4] In response to the invasion of Ukraine by Russia, the European Commission presented a plan to reduce gas imports from Russia by two thirds within a year, and completely by 2030.[7]