CALGARY (CU)_Russian President Vladimir Putin has deployed troops into neighbouring Ukraine last week, in an effort to redraw borders on the eastern edge of Europe, attracting widespread criticism from the West. Over the past few days, several major economies, including, the US, UK and EU, announced sanctions against many Russian government officials and entities, in response to the crisis. They also banned all major banks in the transcontinental nation from the SWIFT international payment system, although this decision came after divisive negotiations between states, owing to their dependence on Russian oil.
The argument that too much of the world’s energy is produced by bad actors has been a major concern of the global community for many years, and the ongoing conflict between Moscow and Kyiv has rekindled the debate about whether Western allies should buy energy from each other, instead of relying on countries which threaten democratic values. This has renewed the resolve energy proponents in Alberta who say the world needs Canada’s brand of ethical oil. According to the province’s finance minister Travis Toews, Canada is capable of providing a secure supply of gas to European nations, thereby minimising their dependence on Moscow.
“Western Europe have found themselves very, very dependent on Russia for their energy,” the minister said during an interview. “As we take a look at the intermediate and long term, I believe Canada and certainly Western Canada, has both an opportunity, but maybe more importantly, a responsibility to provide energy to Western Europe.”
Around 10 per cent of the world’s oil supply is currently being produced by Russia, with the transcontinental nation also supplying for more than a third of Europe’s gas needs. Fears over potential sanctions on Russian oil, together with severe disruptions to energy supplies owing to the current conflict, pushed oil prices above US$100 a barrel Thursday.
