The current reliance of EU member states on natural gas from Russia has become a major point of concern for European policymakers and central banks. The discussion inside Brussels and national capitals reflects the urgent need to rethink energy security while managing inflation and macroeconomic stability.
“Although reducing dependence on Russian oil remains a challenge, Europe’s heavy reliance on Russian gas creates a far larger set of pressures for political leaders and central bankers alike. EU proposals have already floated the idea of cutting demand for Russian imports by roughly two-thirds by the close of 2022,” the briefing noted.
In commentary from the Dragonfly organization, David Claridge argues that Europe’s ambition to exit Russian energy supply could push prices higher across the continent. The EU has already allocated substantial capital to new pipeline and storage initiatives aimed at balancing supply and demand, yet diversifying away from Russian sources will require significant investment and careful project execution across member states.
The analysis indicates Europe’s gaze is turning toward natural gas from Africa as a potential future supplier. Yet, the continent’s infrastructure for cross-continental transport of gas is not yet mature, leaving many governments to pursue a transition to cleaner energy and increased renewable capacity while exploring practical diversification strategies.
On the same day, Andrey Konoplyanik, member of the RAS Scientific Council for Systems Research in the Energy Industry and advisor to Gazprom Export LLC, highlighted that the United States’ LNG export strategy to Europe serves dual objectives. The approach seeks to reduce European dependence on Russian resources and to influence European energy competitiveness by shaping pricing dynamics in global gas markets. This stance underscores the broader geopolitical and economic tradeoffs involved in reshaping Europe’s energy mix. (Source: Dragonfly analysis)