Can Europe Quit Russian Gas — And How?

2022 was a highly turbulent year for the energy markets. Russia’s war in Ukraine not only caused almost unprecedented price volatility in European natural gas markets, but the possibility of a cut-off from Russian gas threatens Europe with a serious supply side issue. Although Europe managed to substantially increase its natural gas and liquefied natural gas (LNG) imports from other suppliers and the continent is on a good way to decrease its exposure to Russia, this year’s extraordinary achievements were also down to international factors, such as lower Chinese LNG demand. Europe struggles with serious external and internal infrastructure constraints that will make its transition from Russian gas problematic in the upcoming two or three years. Still, Russia’s war in Ukraine proved that a realignment is Europe’s energy policy is of fundamental importance in order to provide security and stability to all citizens of the continent.