As tensions reach a fever pitch between Russia, Ukraine and the West, energy analysts are deeply concerned about the risk of full supply disruption to the EU.
from the International Energy Agency, with the group calling on Russia to increase gas availability to Europe and ensure storage levels were filled to adequate levels during a period of high winter demand.claims it is using gas as a geopolitical weapon, with state-owned Gazprom saying it has fulfilled its contractual obligations to customers.
"Even if a full disruption of Russian gas exports to the EU remains unlikely, officials and energy providers there have been making contingency plans," analysts at Eurasia Group said. In the event of a total shutdown of Russian gas supply to the EU, analysts at Eurasia Group said the incoming fleet of LNG would be"insufficient" to meet Europe's gas demand, with gas prices seen spiking"to unprecedented levels" in this scenario.
"This would still cause significant economic harm and possibly lead to some localised heating and power shortages, especially in southeast Europe, which already suffered similar disruptions during a Russian cut-off of gas supply through Ukraine in 2008/2009," analysts at Eurasia Group said. "And continuing to supply its core customers principally in places such as Germany and Italy and to a lesser extent place such as France and Austria will be extremely important for Russia."
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