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Russian Gas Supply Halt Risks 1.5% Cut to EU’s GDP in Worst Case Scenario

  • EU to call on states to urgently reduce gas consumption
  • Full disruption of gas supplies would mean hard winter in 2023
Bloomberg business news
Gazprom Declares Force Majeure on European Gas Buyers
Updated on

A halt of Russian gas supplies to the European Union could potentially reduce its gross domestic product by as much as 1.5% if the next winter is cold and the region fails to take preventive measures to save energy, according to new estimates from the bloc.

The European Commission is set to warn that, in the event of an average winter, a cut-off of gas shipments from Moscow would reduce the GDP by between 0.6% and 1%, says a draft EU document seen by Bloomberg News.