Europe begins to prepare for the most severe winter

Alexey Gromov, Principal Director on Energy Studies of the Institute for Energy and Finance, commented to the Vzglyad business newspaper on the current crisis possible consequences for the EU with Russian gas supplies to the region.

German Economics Minister Robert Habeck warned that Germany needs to prepare for a further reduction in Russian gas flows and a crisis similar to the Lehman crisis, but only in the gas sector. Naturally, this immediately heightened concerns across the European continent. Natural gas prices in Europe have risen significantly - by more than 50% since the volumes of gas pumped through Nord Stream 1 decreased, that is, in just a week.

“In a year or two, the Europeans will find alternative sources of supplies, and the winters will not be so difficult. But the Europeans will feel the full severity of the imposition of anti-Russian sanctions against coal, oil, oil products and gas consequences precisely in this autumn-winter heating season,” Alexey Gromov believes.