Analysis of energy and mineral resources strategy of European Union in the background of the Russia-Ukraine Conflict

The destruction and reconstruction of the supply chain system of energy and mineral resources of EU caused by the Russia-Ukraine Conflict is a vivid microcosm of the profound changes in energy and mineral resources in the world today. Combing the situation of the supply chain of energy and mineral resources in EU before and after the Russia-Ukraine Conflict and analyzing the adjustment response situation of the energy and mineral resources strategy of EU is important to understand the global supply and demand trend of energy and mineral resources and improve the management abilities of various countries. The study holds the following views: ① the Russia-Ukraine Conflict has exposed the vulnerability of the supply chain of energy and mineral resources of EU. The heavy import reliance and the high dependence on Russia have led to a severe impact on the supply of energy and mineral resources of EU. ② The supply chain of energy and mineral resources of EU has been forced to restructure. In terms of energy, the United States has replaced Russia as the largest importer of fossil energy to EU. In terms of mineral resources, the EU has strengthened minerals resources cooperation with partner countries such as Canada and Brazil in iron, aluminum, nickel, potash, etc. ③ In order to alleviate the energy crisis, EU has introduced a systematic policies and adjusted its energy and mineral resources strategy such as promoting domestic exploration and recycling of energy and mineral resources, diversifying overseas import sources, setting a bottom line for the supply of strategic raw materials, strengthening the supply capacity of the entire industrial chain and conducting supply risk monitoring and stress tests. The enlightenment for other countries is mainly reflected in four aspects. Firstly, to promote a diversified supply structure that combines fossil energy and new energy. Secondly, to strengthen the supply capacity of the entire industrial chain, including exploration, development, smelting and processing, and secondary recycling. Thirdly, to enhance overseas cooperation and promote the diversification of energy and mineral resources supplies. Fourthly, to improve the flexibility of the internal energy and mineral resources market to hedge against significant price fluctuations in critical moments.