The EU, the US and some of its allies also froze the overseas assets of several Russian banks to stop Moscow from using the US$630 billion in reserves it has in foreign currencies and blocked access to the international financial messaging system, Society for Worldwide Interbank Financial Telecommunication (SWIFT), to major Russian banks, which made it difficult for buyers of Russian oil to pay Mo. [...] Nonetheless, the war and the actions of some governments have brought home the message that although eventually, the transition to clean energy was essential, even if challenging, in the short and medium terms fossil fuels would continue to be the dominant source of energy for most nations. [...] A key challenge remains the threat of secondary sanctions and the weaponisation of financial instruments once (and if) the EU weans itself away from its dependence on Russian energy, as witnessed in the case of Iran and Venezuela in the recent past. [...] No doubt, there are challenges—as in the hydrocarbon sector, the RE sector also depends on imports and the extent of the impact of global price shocks across the economy on domestic fiscal resources. [...] She was awarded a Chevening Fellowship by the Foreign and Commonwealth Office of the UK in 2009 on completion of a course in the Economics of Energy at the Institute for Energy Research and Policy, University of Birmingham, UK.
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- India
