Europe's Dependence On Russian Gas
Before discussing FX Energy (NASDAQ:FXEN) in this initiating coverage, I would briefly like to discuss Europe's dependence on Russian gas. This is important as it bears a strong relation with the initiation on FX Energy and it also explains why Europe has been relatively slow on sanctions (especially related to the energy sector) on Russia even after the recent hostilities by the latter.
As this article from The Economist explains, Europe is significantly dependent on Russian gas with countries like Lithuania, Estonia, Finland and Latvia depending completely on Russian gas imports. The article also discusses the options available for European countries if there were limited or no gas exports from Russia.
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