As most Asian gas is still procured on long-term contracts linked to the oil price—a practice Europe abandoned as it liberalised gas markets—Europe finds itself more exposed to today’s high prices
reported that Gazprom, Russia’s state gas company, proposed that Moldova amend its free-trade deal with the European Union in exchange for cheaper gas. Europe has long felt insecure over this supply. But what would it take to reduce Europe’s reliance on Russian energy?A daily newsletter with the best of our journalismThe question is not whether other sources of gas exist. The Middle East and north Africa are flush with natural gas.
America has been keen to present itself as an alternative supplier of LNG. When the Trump administration approved additional exports in 2019, it boasted of supplying its allies with “molecules of US freedom”. Europe has already increased its orders of LNG over the past few decades and Germany has plans for additional terminals to receive the gas. But for now it is a costly replacement for Russian supply.
That won’t fuel all of Europe, however. Cutting Russian gas completely would be overly ambitious, even in the longer term. The continent imports an overwhelming majority of the gas it consumes and has only a limited number of alternatives. But there is scope to break Russia’s monopoly in countries historically dependent on its gas, such as Bulgaria and the Baltic states.
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