US President Joe Biden has announced a ban on imports of Russian oil, gas, and other energy products. However, he has cleverly excluded the imports of uranium for their nuclear power plants. The US nuclear power industry heavily relies on Russia for the import of roughly half of its uranium requirements to power up its nuclear power plants.
The energy industry is strongly lobbying the US government to continue to allow uranium imports from Russia despite its so-called invasion of Ukraine. As per Reuters, a US government document shows that sanctions against Russia did not mention uranium at all. Here, it is important to know that Russia’s uranium production is controlled by state-run company Rosatom, and this generates massive revenue for the Russian government. Can we say the American energy industry is in fact financially supporting Russia’s economy?
Well, the USA has put the ban on Russian oil and gas imports, but even US President was not sure about his European allies’ support. While announcing the ban, President Biden made a strange quote:
“We’re moving forward on this ban, understanding that many of our European Allies and partners may not be in a position to join us.
The United States produces far more oil domestically than all of European — all the European countries combined. In fact, we’re a net exporter of energy. So we can take this step when others cannot.”
Don’t you think this shows the helplessness of the US President, who is very well aware that his European counterparts are not going to ban oil and gas imports from Russia?
European countries are indeed the biggest collective buyer of Russia’s oil and gas. In 2021, Europe bought about 42 % of Russia’s total oil production. Apart from European countries, China and the USA purchase a large portion of Russian oil and gas products. However, the interesting fact here is that European nations are importing seven times as much Russian oil as the US is doing. European nations are far more dependent on Russian oil imports, especially the Eastern European countries, which are heavily reliant on Russia for their energy needs.
For example, Lithuania gets 83% of its oil imports from Russia, which is followed by Finland (80%), Slovakia (74%), Poland (58%), Hungary (43%), and Estonia (34%). Whereas Germany imports 30%, followed by Norway (25%), Belgium (23%), Turkey (21%), Denmark (15%), and Spain (11%).