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What if Moscow turns off the gas as the Ukraine crisis escalates?

Middle East

01-03-2022 | 03:30

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What if Moscow turns off the gas as the Ukraine crisis escalates?

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If Russia cuts off its supply of gas to Europe in retaliation for the sanctions imposed for its invasion of Ukraine, the region should be able to get through next winter. However, it will not be simple or inexpensive.

This is the conclusion of a report published by Bruegel on Monday. The Brussels-based think tank warned that "preparations for a complete cessation of all Russian gas flows to Europe" were required.

"If the EU is forced or willing to bear the cost, it should be possible to replace Russian gas already for next winter without destroying economic activity, freezing people, or disrupting electricity supply," Bruegel's researchers said. "However, on the ground, dozens of regulations will have to be revised, standard procedures and operations will have to be revisited, a lot of money will have to be spent quickly, and difficult decisions will have to be made."

Because of record imports of liquefied natural gas from countries such as the United States in recent months, Europe should be able to get through the summer without experiencing severe energy shortages, even if Russia intentionally cuts off its gas supplies — or if key infrastructure is damaged as a result of fighting in Ukraine.

Bruegel, on the other hand, believes the EU needs to start thinking about how to replenish its inventories, which countries across Europe rely on to keep the lights on and homes warm.

To read the full article, please click here.

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