The scramble to end Russian reliance: How much gas can Europe realistically cut by the end of 2023?

Overview:

The Russian invasion of Ukraine in February has led to an urgency from the EU to reduce and then eliminate its reliance on Russian fossil fuels.

Imports of Russian gas into Europe amounted to 155bcm in 2021, with around 15bcm of this figure arriving in the form of LNG and the rest coming via pipelines.

We brought together our ICIS experts across gas, LNG, power, and carbon to quantify and analyse how much Russian gas demand we can expect to see cut across the EU by 2023, and where those reductions will come from.

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