As the Davos World Economic Forum draws to an underwhelming close, the glaring disparity between the world’s elite and the harsh realities faced daily by ordinary citizens in Ukraine prompts Razom We Stand to demand urgent action against Russian oil and gas exports.
While the privileged fly climate-damaging private jets to Davos, we demand accountability and decisive measures to end the financing of Russia’s brutal aggression, which is bankrolled by their fossil fuel exports, despite weak sanctions against them. Sanctions loopholes are costing the lives of innocent Ukrainians every day; the West must create full and complete sanctions and put an end to Russia’s mega-projects like Arctic LNG2.
The World Economic Forum’s own report this week on the impacts of climate change predicts an additional 14.5 million deaths and $12.5 trillion in economic losses worldwide by 2050 directly due to climate change. The irony is striking: as world elites arrived at Davos on private jets and continue investing heavily in the fossil fuel industry, they appear oblivious to the human suffering caused by climate disruption that is outlined in their own report.
“As the world’s elite basked in luxury at Davos this week, Russia’s Arctic LNG 2 project gears up to load its first LNG tanker to Asia. Russian oil and gas revenues already surpassed €87.8 billion in 2023, and is expected to grow to €118.9 billion this year. As Russia aims to transition from an energy power to a military superpower, the West and East must stop their contribution to funding this transformation. Purchasing fossil fuels without imposing sanctions on Russia or companies like Gazprombank, who provide consistent payments for Russian hydrocarbons, further funds Putin’s war machine.
This stark reality, coupled with the recent findings from the World Economic Forum’s report on the impact of global warming on health, paints a dire picture of the consequences we face if we continue to turn a blind eye to the interconnected crises of climate change and conflict. The human toll of war funded by fossil fuel exports is not an abstract concept; it directly translates into the tragic loss of thousands of innocent Ukrainian lives.” states Svitlana Romanko, Founder and Director of Razom We Stand.
Putin’s flagship Arctic LNG 2 project, which the West funded, is currently loading its first LNG tanker to ship to Asia at the end of January. According to Global Witness, 30.4M barrels of crude oil worth approximately €2.05 bn leaves Russian ports every week, spotlighting the increasingly urgent need for decisive action against Russian energy exports.
EU Commission President Ursula von der Leyen’s statement at Davos highlighted the green alternatives to the dirty oil and gas industry. Last year, only one in 20 energy units consumed in the EU came from Russia, with wind and solar energy on track to surpass Russia as Europe’s primary energy suppliers, signalling a clear shift in energy dynamics. Europe’s newfound energy independence must be leveraged to completely sever ties with Russian oil and gas, once and for all.
The recent decline in energy prices, coupled with the abundance of well-stocked gas storage facilities and the surge in cost-effective clean-energy production at record levels, demonstrate that Europe has the power to shape its energy destiny for the better.
World leaders must prioritise humanity over short-term economic gains and take bold steps to cut off Putin’s financial lifeline. The time for half-measures has passed. We demand full sanctions against Russian energy exports to halt the cycle of violence and environmental degradation, not just for Ukraine but for the well-being of our shared planet.
Razom We Stand is a Ukrainian organisation active internationally, calling for a total and permanent embargo on Russian fossil fuels and an immediate end to all investment into Russian oil and gas companies by phasing out fossil fuels globally.