Europe is facing soaring gas prices. To avoid further crises, the EU should speed up its transition to renewables, reduce dependence on Russia, and formulate a coherent energy policy.

Europe learned from the 2006 and 2009 gas cut-offs and put in place a series of regulations that make an outright cut-off unlikely today.

In 2021, a cut-off is not the problem. Instead, Europe is suffering from a gas price spike and a drop in the volumes of gas it receives. Russia has learned that it cannot play the 2006 and 2009 game again. But Moscow still has numerous tools it can use to put pressure on Europe and make itself richer.

Carnegie Europe

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