European energy crisis
A European energy crisis is looming amid Russia-Ukraine tensions, causing the EU to lose 1-2 percent of its GDP. With Russia’s ruble payment for natural gas taking effect on Friday, Europe’s time to deal with the looming gas cutoff threat is running out. Analysts predicted that this would not only cause the EU to face an unprecedented full-fledged energy crisis, but would also have a ripple effect throughout its manufacturing, logistics, and other service sectors, undermining European GDP by 1 to 2 percent and even leading to a political crisis.
According to analysts, the bloc’s options are limited because the alternative LNG shipment from the US cannot meet demand in the short term, and Europe is also severely lacking in LNG-receptive infrastructure.
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