Europe faces 'scramble' to replace dwindling Russian energy - IEA

The EU and other developed economies have sanctioned Russian oil and coal but have held off on banning gas imports. Picture: AP Photo/Olivia Zhang.

Europe must race to replace sanctioned and curtailed Russian energy supply and should double down on efficiency and renewables, including nuclear power, the International Energy Agency (IEA) said on Wednesday.

Gas prices have hit record levels as a slowdown in flows from Russia in recent days has deepened worries over supply in higher-demand winter months.