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· Posted on
February 21, 2024

Russia has turned off the gas tap to Europe indefinitely and now winter is really coming

Russia has been Europe's biggest energy supplier, but now that's on pause.

What's the key learning?

  • Before the war broke out, Europe was very reliant on Russia's natural resources
  • Gas is proving to become a powerful weapon in economic warfare
  • 43% of all government revenue between 2011 and 2020 was generated by the energy sector

👉 Background: Before the war broke out, Europe was VERY reliant on Russia’s natural resources. In fact, Russia was Europe's largest energy supplier.

👉 What happened: In late August, Russia paused all exports to Europe via Nord Stream 1 for 'maintenance works'. Nord Stream 1 is a gas pipeline that runs from Russia to Germany.

👉 What else: But now, as Europe continues to support Ukraine in the war against Russia, Russia has pulled the plug on all gas flows to Europe indefinitely.

What's the key learning?

💡Move over nuclear energy, gas is proving to become a powerful weapon in economic warfare.

💡But this move isn't without its risks for Russia either. 43% of all government revenue between 2011 and 2020 was generated by the energy sector.

💡But it could be even more painful for a wintery Europe, without gas. So it’s no surprise that all European countries are now racing to secure gas supplies in underground facilities.

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