Europe’s Russian gas reduction ambitions pose market threat

The desire to stop the flow of gas sales revenue to the murderous Putin regime is laudable. But it is not without significant challenges or risks

The European Commission aims to achieve two-thirds of a targeted 155bn m³/yr cut in its gas consumption by the end of 2022—with increased flexibility to reduce imports from Russia the major, albeit likely not sole, consequence of the goal. But it also intends to present in April a legislative proposal requiring EU gas storage to be filled up to at least 90pc of capacity by 1 October each year. Achieving these somewhat divergent aims over the next six months will be tricky. And they come with a warning that there could be unintended consequences for pricing and the efficient functioning of the continent’s traded gas markets. “It really is a big ask,” Jeremy Weir, CEO of commodity trading firm