Russia’s invasion of Ukraine has shone a spotlight on energy security throughout Europe and the Americas. World leaders are finally paying attention to their reliance on Russia for energy and critical minerals, and they don’t like what they see.
Sanctions against Russia should continue and depending on how long and drawn out the invasion is, they may heighten. To date, Russian gold has been targeted but critical minerals have not. It’s obvious why: Russian metals are “critical,” and their supply cannot be easily replaced. The world is looking to Canada to displace this supply, but we aren’t ready.
Russia is the world’s number one exporter of oil and gas and the largest single provider of oil, gas, and coal to Europe. With a cold winter ahead, European countries may need to start choosing between running factories to keep the economy going, or warming homes.
Further, Russia produces just 6% of the world’s uranium, yet claims over 40% of enrichment capacity. Russia is also the number one producer of battery-grade Class 1 nickel and palladium which is used in catalytic converters for cars. Need I go on?