Russia’s energy influence over Europe ‘is nearly over’ as bloc races to shore up winter gas suppliesk

 KEY POINTS

• Europe has endured a sharp drop in gas exports from Russia, traditionally its largest energy supplier.
• It has deepened a bitter dispute between Brussels and Moscow and exacerbated the risk of recession and a winter gas shortage.
• “Europe is heading towards a very difficult winter, probably two years of a very difficult adjustment with a lot of economic pain,” Agathe Demarais, global forecasting director at The Economist Intelligence Unit, told CNBC via telephone.

Europe’s dependence on Russian gas appears to be coming to an end, energy and political analysts say, potentially alleviating the risk of further supply disruptions at a time when many fear Russia could completely cut off deliveries during the winter.

Europe in recent months has endured a sharp drop in gas exports from Russia, traditionally its largest energy supplier.

It has deepened a bitter dispute between Brussels and Moscow and exacerbated the risk of recession and a winter gas shortage.

Russia has cited faulty or delayed equipment as the reason for a reduction in deliveries. European policymakers, however, consider the supply cut to be a political maneuver designed to sow uncertainty across the 27-nation bloc and boost energy prices amid the Kremlin’s onslaught against Ukraine.

Russia’s energy weapon is going to become moot.