How Europe plans to cope as Russia cuts off the gas

IN 2021 RUSSIA supplied 40% of Europe’s gas. Since the invasion of Ukraine, the picture has changed rapidly. On May 31st Gazprom, Russia’s state-owned energy giant, announced that it would stop supplying GasTerra, a Dutch firm, and Orsted, a Danish one, after they refused to pay for gas in roubles. Shell’s supply to Germany was also cut off. The decision looked like retaliation: the previous day the EU had announced a ban on Russian oil, covering 75% of imports from the country and 90% by the end of the year. Russia had already cut off gas companies in Bulgaria, Finland and Poland.