The European Union, a longtime consumer of Russian hydrocarbons, have imposed economic sanctions against Russia's energy sector which was important to them and tried to diversify its energy sources, both by finding alternative partners (like the US) or speeding the transition to green energy (Council of the European Union, 2023). At the same time, Russia also tried to divert its energy exports towards Asia, including China and India, and have offered its cheap oil and gas for Asian customers.

Read More