Rising tensions on the Russia-Ukraine border have raised fears that Europe’s gas supply crisis could become far more serious. Gas market prices have already surpassed record highs and threaten to saddle European households with a cost of living crisis.
Russia is Europe’s largest supplier of gas, of which a third flows through Ukraine’s gas pipelines to countries across the continent. Russian gas flows have been a quarter lower than usual over the past year, but European leaders now fear that a Russian invasion of Ukraine could spell an energy catastrophe if gas exports are cut.
