A silver lining to the Ukraine-Russian conflict is that it highlighted the shortcomings of Europe’s dependence on Russia for oil and gas and the need to move towards more sustainable energies, according to a European economist.
“The European economy is trying hard now to move away from their previous dependence on Russian oil so this is a fundamental picture, which is here to stay, and that will take probably years really to be put in place,” said Marcelo Carvalho, global head of economics with BNP Paribas bank.
The European Union has historically relied on Russia for a large portion of its natural gas supply, but the dynamics have changed since February….