Tensions run high between Russia and Europe
Letter from Europe: Weaponised interdependence?
Mounting fear of an invasion of Ukraine has put Europe’s uneasy relationship with its biggest gas supplier back into the spotlight
Russian gas flows to Europe were unaffected by Moscow’s annexation of Crimea in 2014, partly because economic interdependence had evolved into a condition of mutually assured economic destruction. In 2013, gas accounted for about 14pc of Russia’s export revenues, or roughly $73bn. Russian gas accounted for nearly 30pc of EU supply, and more than a third of Germany’s. And so, when the US and EU formulated their response to the annexation, they were careful to avoid any measures that could disrupt the continued flow of gas from Russia to Europe. But now, Russia's swollen cash reserves may have convinced the Kremlin that it could withstand any retaliatory economic strike. Russia’s foreign reser
Also in this section
6 February 2026
The long close relationship between key supplier Qatar and pivotal buyer Japan becomes even deeper following new landmark deal
6 February 2026
Partnerships across the LNG value chain have evolved over time, growing in both complexity and importance, according to panellists at LNG2026
6 February 2026
Nigeria's mega-refinery is still trying to solve many challenges, all while its owner talks up expansion
5 February 2026
While broadly supportive of EU efforts to tackle methane emissions, representatives of the gas industry warn it could deter supply contracting if timelines and compliance requirements are not made more pragmatic
