“Putin has already been quietly demonstrating just what life could be like for a continent that has become deeply, perhaps existentially, reliant on the Kremlin to supply its most critical energy needs. Russia is moving only limited quantities through the current pipeline system that transits Ukraine, and its state gas producer, Gazprom, is filling domestic stocks before replenishing storage sites in Europe. With energy prices rising and the global economy struggling to move forward after its post-2020 rebound, short gas supplies are already putting parts of Europe at risk of energy-driven stagflation. These pressures could very well intensify, providing a possible foretaste of what could be on the near-term horizon, until Europe manages a credible and sustainable transition to renewable energy.”
16 Oct 2021
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