Despite major sanctions on Russia following its invasion of Ukraine, the European Union is still importing almost US$1 billion’s worth of energy per day from Russia. Phasing out Russian gas and oil entirely (as the United Kingdom and United States are doing, for example) is difficult for the EU, because they account for 45% and 25% of its imports, respectively. Instead, the EU should directly limit Russian oil and gas revenues by introducing a tariff or setting a price cap on imports, while keeping them flowing.

Competing Interests

The authors declare no competing interests.

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