Europe Faces Harsh Reality of Finding Russian Gas Irreplaceable
- Diverting LNG may spread crisis to Asia: BCS Global Markets
- Russia can’t be replaced by one supplier unilaterally: Qatar
Pipework at the Kasimovskoye underground gas storage facility, operated by Gazprom PJSC, in Kasimov, Russia.
Photographer: Andrey Rudakov/BloombergThis article is for subscribers only.
Energy-rich countries from Qatar to Azerbaijan have all pledged emergency gas supplies to Europe, but the region is quickly figuring out it can’t replace top supplier Russia.
Ongoing tensions over Ukraine and the threat of a potential conflict interrupting energy flows to Europe have overshadowed the continent’s gas market in recent weeks, causing volatile price swings. War could interfere with the massive volumes that Russia sends to the continent, about a third of which come through Ukraine.