The Kremlin said it would further reduce gas supplies to the E.U. from Wednesday, adding to ongoing concerns about rationing
it could plunge countries into recession. Particularly bad weather could make the situation even worse.But according to Di Odoardo, as long as Russia continues to benefit from European payments, the bloc is unlikely to be completely cut-off. “Russia has been living in the best of both worlds—successfully reducing flows and putting pressure on Europe, while increasing prices and getting high revenues.
from oil and gas exports in the first 100 days of the war in Ukraine, with the majority of that revenue coming from E.U. countries. The figure exceeds the estimated costs of Russia’s war in Ukraine, the report added. In the long term, however, analysts say that Moscow’s manipulation of gas prices and supply will only accelerate Europe’s move away from Russian energy. Beyond the E.U.’s plans to reduce Russian gas imports by two-thirds within a year, the bloc has released a strategy toThat shift will, in the long run, include a renewed emphasis on renewable energy. “It’s never been cheaper and it’s never made more sense to actually invest in [green energy],” says E3G’s Hanoteaux.
and other fossil fuels in the short run, the emphasis on reducing demand could establish more sustainable consumption habits in future. “It’s not just a climate issue, but it’s also a security issue,” he says.The Next Hottest
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