Complete Farewell to Russian Energy: Can the EU Deliver and What Does It Mean for Crypto?

The European Union has set itself the goal of completely phasing out Russian energy by 2027. Since the invasion of Ukraine in 2022, dependence on Russian gas, oil and coal has been drastically reduced. Oil imports have virtually stopped, and gas consumption from Russia has also fallen from 45% to 13%. The Netherlands now imports only 5% of its gas from Russia.

However, countries like Hungary and Slovakia remain heavily dependent on Russian pipelines. The transition to liquefied natural gas (LNG) is well underway, but brings its own challenges.

LNG: Alternative with New Risks

The EU is investing heavily in LNG infrastructure, such as terminals, ships and new routes. Western European countries in particular benefit from this, as they have easier access to LNG. But this also entails risks: dependency on countries such as the US and Qatar is increasing, and LNG production and transport are not without environmental problems.

Fracking, the technique used to extract shale gas in the US, is controversial due to methane leaks and environmental impact. In addition, LNG transport by ship is less sustainable than pipeline gas.

What Can Blockchain Mean for the Energy Market?

In the midst of this energy transition, an unexpected ally emerges: blockchain technology. By using smart contracts on blockchain platforms, energy traders, companies and even households can buy energy from sustainable sources directly and transparently. This makes the market less dependent on geopolitics and central players.

In the Netherlands and Germany, pilots are already underway with peer-to-peer energy trading. This technology also makes it possible to track CO2 emissions from gas transports, allowing consumers to make more conscious choices.

What does this mean for the Dutch consumer?

For most Dutch people, the switch will have few tangible consequences. Prices may rise slightly, because there is less competition. However, the origin of gas is changing: more from the US, less from Russia or Groningen. And where it used to be mainly about price and security of supply, sustainability is now also coming into focus.

Blockchain technology can play a role in this by making sustainable energy more traceable and more fair to trade. Also for investors in crypto this opens up new markets.

Can the EU meet the 2027 deadline?

Although the goal is ambitious, experts say it is achievable. The EU has already proven that it can function with much less Russian gas. However, there are obstacles: diplomatic tensions between member states, the price of alternatives and the logistics of LNG.

However, this crisis also offers opportunities. Blockchain technology can enable a fundamental reform of the energy market. Decentralization and transparency are key words.

Frequently Asked Questions

How much Russian gas does Europe still use?

Currently, the share of Russian gas has fallen to 13%, compared to 45% in 2021. The Netherlands now only imports 5%.

What role does blockchain play in this energy transition?

Blockchain enables decentralized, transparent energy trading through smart contracts. It also helps monitor carbon emissions and encourages sustainable choices.

Is it realistic for the EU to completely abandon Russian energy by 2027?

Yes, provided that all member states work together and continue to invest in alternatives such as LNG and green energy. Blockchain can accelerate this transition and make it more sustainable.