Overstated, certainly on Energy. I assume you mean mostly natural gas. That is simply a myth in a couple ways. Its true that the legacy production from Gazprom and others in old soviet fields was nominaly less expensive. But natural gas in the US was often less expensive and the US chemical companies were not eating away and BASF's market share. Also Russia's new fields in the Polar region are not cheap and its questionable how long Russia could sustain subsidizing the costs of production. In any case the final myth is it was a short term fantasy. The cost of Russian gas was the green house gas emissions of Russian production and transportation and those were high indeed but of course not on Europe's books (like everyone who runs the 'bridge fuel 'line is lie that just looks at the emission from burning NG not it production ) except for enjoying those increasingly common summer heat waves.The primary one is the loss of access to Russia's resources. The EU made bank by buying cheap natural resources and energy from Russia, using those to fuel our economy.
And they are often pretty hysterical. Germany went out of its way to make those links and realistically in the long run it will be better off not being tied to Russia by intent not economics.Now that's gone. I would imagine Germany in particular will be hurt by this the most. But the EU in general won't fare much better. I had shared in the past articles discussing the tight economic dependence between Germany and Russia.