EU Looks To Africa As It Seeks To Reduce Reliance On Russia For Gas

As Russia continues to invade several areas in Ukraine, the European Union is looking toward Africa to reduce its reliance on Russia for gas. 

What Happened: According to Bloomberg, the EU has promised to provide more detailed guidance in the coming days on how companies should address Russian President Vladimir Putin's demand to pay for the fuel in rubles.

The largest European economies import about 18.3 billion cubic feet per day (bcfd) from Russia. 

It's just not the EU — there is a slew of countries backing Ukraine that are looking for new suppliers to help break their dependence on Russian gas since the Ukraine-Russia conflict. 

In the US, there are several energy companies that are interested in building new pipes in the Permian Shale –the oil field– including units of Enterprise Products Partners LP EPD, Kinder Morgan Inc KMI, and Energy Transfer ET.