Cutting off both natural gas and oil would likely cause a recession in Europe, economists say. European governments agreed to stop Russian coal imports starting in August, but that’s a relatively small part of energy payments to Russia.

Europe is struggling to find ways to stop paying Russia $850 million a day for energy and hit the Kremlin’s finances over its invasion of Ukraine.

The 27-member European Union is finding that reversing decades of dependence on Russian oil and natural gas is not a simple matter.

Leaders are now discussing sanctions on Russian oil, including a possible boycott. Here is what such a move could mean for people in Europe and the rest of the world:

HOW MUCH DOES EUROPE PAY RUSSIA FOR ENERGY?

Gas and oil are flowing to Europe even as governments denounce the war. The EU sends $450 million a day to Russia for oil and $400 million per day for natural gas, according to calculations by analysts at the Bruegel think tank in Brussels.

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