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EU Plans Steps to Cushion Impact of Sudden Russian Gas Halt

  • Draft EU gas plan includes demand reductions, market measures
  • Europe sees sizable risk of Moscow cutting off gas this year
Russia's Gazprom PJSC Expands its 'Power of Siberia' Pipeline

Source: Bloomberg

The European Union is planning a set of urgent actions across the entire economy -- including reductions to heating and cooling use and some market-based measures -- to mitigate the impact of a possible natural gas supply cut-off by Russia, its biggest source of imports. 

The European Commission, the 27-nation bloc’s executive arm, sees a sizable risk that Moscow will halt the shipments of the fuel this year in an abrupt and unilateral way, according to a draft document seen by Bloomberg News. To prepare for this scenario, the commission plans to recommend additional measures the region should consider to curb gas consumption and lower future costs for businesses and consumers.