Russian President Vladimir Putin’s plans to squeeze Europe by weaponizing energy look to be fizzling, at least for now.
Mild weather, a wider array of suppliers and efforts to reduce demand are helping, with gas reserves still nearly full and prices tumbling to pre-war levels. After the sharp turnaround over the past month, Europe is likely already through the worst of the crisis.
The combination of conditions — including China’s Covid woes blunting competition for LNG cargoes — would take the edge off inflation, stabilize Europe’s economic outlook and leave the Kremlin with less leverage over Ukraine’s allies, if they persist.
.png?w=600)
