When tanks rolled into Ukraine in February, Europe woke up to its dependence on Russian energy.
The European Union is considering cutting off oil supplies from Russia, as it looks for more ways to economically punish President Putin.
Germany dropped its opposition to the Russian oil embargo on Thursday. Implementing a ban on Russian oil imports is a nightmare for the EU.
The bloc is trying to find alternative sources of energy and come to an agreement on what an embargo would look like.
Europe sleeps at the wheel on Russian energy.
The figures are striking. The EU imported 25% of its oil and 39% of its natural gas from Russia in 2011. Russian energy was imported by the EU last year.
Russia is still making money from its energy exports despite the high energy prices. Since it invaded Ukraine, the country has exported more than $65 billion of energy.
Germany is the biggest economy in Europe. Russia was the main supplier of crude oil and natural gas to Germany last year.
They fell asleep at the wheel, just completely relying on Russian supplies, according to Ole Hansen, commodity strategist at Saxo Bank.
Germany is banning oil. The Wall Street Journal reported Thursday that officials have lifted their objections to an embargo if the process is gradual.
The EU is likely to impose more sanctions on Russia. Analysts say it is unlikely to take the shape of an immediate ban on oil.
The politics are difficult. Hungary has previously expressed concern about tough sanctions. The differing viewpoints of 27 governments have to be weighed by the EU.
There is a hunt for new sources.
There is a race to find new sources of energy. The EU is stepping up its investments in green energy but is not moving fast enough to be climate-neutral by the year 2050.
Richard Bronze, analyst at Energy Aspects, told Insider that there was a focus on trying to slow down or impede fossil fuel production.
The US and Middle Eastern countries are the most likely sources of alternative oil for the EU in the short term.
The US and the International Energy Agency have said they will release oil from strategic reserves as the group of oil- producing countries increases output. More supply will be available in the coming months.
shunning Russian oil costs a lot. Europe would be increasing its competition for supplies with China, potentially heightening tensions with the world's second-most powerful economy.
The problem right now is moving forwards, meaning you are putting money on other sources. You could get into a global competition with Asia.
Economies will be squeezed by higher prices.
The economic downturn in China has reduced demand for oil and alleviated some of the pressure on global prices. The country will keep guzzling oil, gas and coal over the next few years because Beijing is interested in stimulating growth.
Bronze said that it becomes very challenging in crude markets later in the year. He expects the price of crude to go up later in the year. He said prices could surge much higher than his prediction.
The cost of gasoline and food has gone up due to the rise in the price of oil.
Europe is struggling with its economy. In the year to April, inflation in the eurozone hit a record high of 7.5%, while the economy grew at a rate of just 0.2 in the first quarter.
Stagflation is a combination of stagnant growth and high inflation, which is likely to be worsened by a further rise in energy prices.
The crisis will spur a green revolution, but others argue that oil and gas is still important.
There will be more pain in the short term. Europe faces no good options after years of relying on Russian energy.
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