CNBC takes a look at how Russia is squeezing its gas supplies to Europe and what this means for the future of the region.
Russia has significantly reduced flows of natural gas to Europe since Western nations imposed tough sanctions on the Kremlin following its unprovoked invasion of Ukraine on Feb. 24.
According to the European Commission, the EU's executive arm, 12 members states are already suffering from the reduced gas flows and a handful of others have been completely cut off. In this context, there have been efforts to seek alternative suppliers and different sources of energy. However, this transition is a difficult task that's impossible to be done on a short timeframe.
"In a normal year, the EU may use around 4.3 billion megawatt per hour worth of natural gas. Thus, if prices are higher by €100 per MWh for one year and the EU had to pay these prices instead of benefitting from some long-term fixed-price contracts, costs would increase by about €430 billion – equivalent to 3% of the EU's 2021 GDP," he said.
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