The EU gas market and policy and the war in Ukraine
The EU gas market and policy and the war in Ukraine

Author(s): Agata Loskot-Strachota
Subject(s): Energy and Environmental Studies, Environmental and Energy policy, Government/Political systems, International relations/trade, Political behavior, Financial Markets, Peace and Conflict Studies, Russian Aggression against Ukraine
Published by: OSW Ośrodek Studiów Wschodnich im. Marka Karpia
Keywords: EU gas market; War in Ukraine; Russian gas shipments;
Summary/Abstract: Neither the ongoing war in Ukraine nor the rising tensions between Russia and the West and the sanctions imposed by the latter have yet translated into disruptions of Russian gas supplies to the EU. However, they are unequivocally deepening the crisis on the EU gas market, which has been evident for more than six months now. This is evidenced by the record high and volatile commodity prices, as well as the nervousness of all the market players who anticipate disruptions in supplies from Russia and react with panic to suggestions of imposing sanctions aimed at Russian gas exports. The aggression against Ukraine has triggered a significant restructuring of the gas policy of the EU as a whole and most of its individual member states. There is a return to thinking in terms of security of supply – which has largely been absent in recent years – and a determination to become independent of gas and other hydrocarbons from Russia. Although at present many EU countries are not prepared to embargo imports of Russian gas, most are reforming their energy policies in such a way as to minimise their dependence on Russian raw materials.

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