Warning that uncertainty over Russian gas supplies to Europe will extend into 2023

A firefighter in Odesa in the wake of a Russian missile strike on Tuesday. Ukraine’s announcement that it will no longer accept Russian gas increases the chances that Europe will struggle to meet its fuel needs. Picture: Max Pshybyshevsky/AP
Wholesale gas prices will likely stay elevated for some time as a decision by Ukraine over a transit pipeline increases uncertainty about the future of supplies for European businesses and households, a leading consultancy has warned.
Capital Economics said the decision over one of the pipelines in Ukraine bringing Russian natural gas to Europe “just adds to our conviction that Europe is going to struggle to meet its gas needs over the next year”.