The Big Picture

Vincent Boland: The era of mutual dependence between Europe and Russia is coming to an end

After weeks of argument and debate, Europe this week joined with other western allies to set a price cap on Russian oil sales, a small but significant step in the continent’s energy transition

The price cap is the most dramatic political intervention in the oil market in a generation. It is set at $60 per barrel of Russian oil, though it is achieved in a rather convoluted way. Picture: AFP/Getty

Europe has faced multiple challenges since Russia launched its invasion of Ukraine on February 24. One was to accept and house millions of Ukrainian refugees, which it has done with admirable generosity. Another was to coordinate a military response. Ukraine needs weapons, and western countries are armed to the teeth. They can afford to send materiel and money to aid Ukraine’s defence of its territory and its people – and, to their credit, they have ...