Managed Dependence Persists

Europe continues reducing Russian energy exposure, but slowly, because LNG cargoes, oil-product workarounds, legacy contracts, and security-of-supply concerns remain hard to unwind. The $320.7 billion figure increases political scrutiny but does not immediately create consensus for a full embargo.

Each figure is the modeled move of the S&P 500 if the outcome occurs. For information only. Not investment advice.