The Telegraph: Europe would be hardest hit in Russian energy supply freeze

Analysts have warned that Europe would cope for just one and a half months without Russian gas supplies if Vladimir Putin turned off the taps in response to Western sanctions, reads an article by Tom Rees, Report informs referring to The Telegraph.

“Germany’s economy would be hardest hit in a Russian energy supply freeze as Europe’s gas buffer would only last until April, according to analysts at Commerzbank,” reads the article.

There are fears Moscow would restrict Europe’s gas supply if the West slaps tough sanctions on Russia following an invasion of Ukraine. Around 40% of Europe’s gas comes from Russia with a supply squeeze set to send prices rocketing even higher.

Europe’s storage facilities are currently 33% full at 33 billion cubic meters (bcm) of natural gas but would typically fall over the colder months even without Russian supply curbs. If stocks fall as expected and Russia turns off the taps, EU countries could replace the lost supply for just one and a half months, Commerzbank said.

Every month 12 bcm of gas is imported from Russia through pipelines and close to 1.5 bcm of liquefied natural gas (LNG) is also brought into Europe.