The Kremlin’s invasion of Ukraine dramatically disrupted Europe’s dependency on Russian gas, igniting a global energy crisis. As the possibility of a peace deal emerges, analysts warn that energy markets may shift again, possibly rekindling Europe’s reliance on Russian gas despite the political fallout. Christoph Halser from Rystad Energy highlights falling prices in Europe and Asia as traders speculate on the potential resurgence of Russian gas in the market. This complex situation poses challenges for European energy policy as nations weigh economic recovery against the geopolitical implications of engaging with Russia.
Imports of Russian gas via pipes accounted for around a third of European gas demand in 2021, emphasizing Europe’s prior dependency on Russia for energy.
Halser notes that prices are already falling across Europe and Asia as traders consider the swift comeback of Russian gas, highlighting market volatility.
Europe's dependence on Russian gas has enabled the Kremlin to weaponize energy supplies, creating a political dilemma over whether to resume imports.
Germany’s sharp drop in gas consumption due to rising costs illustrates the broader impact on heavy industry and the need for alternative energy solutions.
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