Europe is urged to prepare for a complete cut-off of Russian gas

Warned the International Energy Agency (IEA). The announcement followed a reduction in fuel exports from Russia to a number of European countries.

Russia's invasion of Ukraine has driven up energy prices for many consumers and businesses around the world, hurting households, industries and entire economies - most severely in developing countries where people can least afford it. Some of Russia's immediate export shortfalls will need to be covered by production elsewhere, in particular natural gas, and new LNG infrastructure may also be needed to help diversify supplies from Russia. Although investments in the oil and gas sector grew by 10% compared to last year, they remain well below the level of 2019, according to the organization's report , which was published today, June 22.

In an interview with the Financial Times, the head of the International Energy Agency, Fatih Birol, expanded on this idea.

Europe must be prepared for the fact that Russian gas will be completely cut off, he said. “The closer we get to winter, the more we understand Russia's intentions. I believe the supply cuts are intended to keep Europe from filling up storage and [thereby] increasing Russia's influence during the winter months.

Thus, the authorities of European countries, according to the recommendations of the IEA, should reduce demand and postpone the closure of nuclear power plants.