the long term shift towards renewable energy is already under way, but will sanctioning russian energy work in the short term? it will be very limited, and only the european customers that are primarily consuming part of russian oil and gas exports potentially will be sanctioning russia. but neither china nor any other major importers of russian oil and gas are likely to follow, so therefore it s not going to be immediately effective. but it s notjust about oil and gas, other potential sanctions loom. measures targeting russian state banks and its financial system, a ban on the export of technology including microchips and a focus on sanctioning individuals close to the kremlin. the west says these would be the most wide ranging sanctions it s ever imposed, but russian officials are sounding bullish confident that china and others will help them out. so a big question will economic pressure make russia stop and think?
the connection between russia s oil and gas industry and europe is pretty obvious visible in a network of pipelines. now, one suggested sanction is that the new nord stream 2 gas pipeline would not become operational in the event of military action in ukraine. that would be a big blow to russia. but sanctions hit both ends of any trade. 41% of the eu s imports of natural gas come from russia, and 27% of its crude oil imports. replacing all that gas with, for example, shipments of liquid natural gas from elsewhere in the world would be an enormous challenge. the uk is far less dependent than the eu on russian supplies only about 3% of its natural gas. but, as we ve seen today, energy prices affect everyone. what i think all european countries need to do now is get nord stream out of the bloodstream. we need to find alternative sources of energy, and we need to get ready to impose some very, very severe economic consequences on russia.
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yet you have to know there is a different perception as far as threats are concerned. talking about that and talking about that everyone has much more to win in terms of economic ties and energy cooperation and student exchange, and all those kinds of questions that nobody talks about at the moment because they are only talking about military things. we don t want to have war in the midst of europe, sol we don t want to have war in the midst of europe, so i think wejust use the format of cross party talking with the russian side, and we have been doing that all the time. , ., , we have been doing that all the time. , .,, ., time. understood. if there was an invasion, there time. understood. if there was an invasion, there has time. understood. if there was an invasion, there has been - time. understood. if there was an invasion, there has been much . time. understood. if there was an l invasion, there has been much talk about sanctions, and i appreciate you may not want to go into
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