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How vulnerable are European countries to changes in gas prices?

April 9, 2024


On 24 February 2022, the Russian army entered Ukraine, escalating a conflict that had begun almost a decade earlier. On the same day, the European Council held an urgent meeting to respond to the aggression and to study emergency measures in the face of the foreseeable energy crisis that the conflict would cause.

On the next day, prices for natural gas, of which Russia is one of the world’s largest exporters, soared, shaking Europe’s energy markets. The following months saw energy saving and supply diversification measures, but also exorbitant bills and fear of shortages.

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