The war that broke out between Iran and Israel in the Middle East has brought the entire world to the brink of a terrible energy crisis. Amidst this global turmoil, Russian President Vladimir Putin has taken a move that has given European countries sleepless nights. Putin has given clear indications that Russia may soon completely put a brake on gas supplies to Europe. Just by saying this, there has been an earthquake in the European markets and a huge jump of more than 50 percent has been recorded in the prices of gas.
Putin added fuel to the fire
The Russian President recently said publicly that considering the current situation, perhaps the time has come to stop the gas supply to the European markets. However, using diplomatic language, he described it as merely his ‘idea’ and said that no final decision has been taken yet. But experts who understand international politics are considering it as a well-thought-out strategy. Putin argues that Europe is continuously planning to impose new sanctions on Russia, whereas Russia now has new and bigger markets opened for selling gas. When the supply chain across the world is badly disrupted due to the Middle East, then this statement of Putin is being seen as a direct attempt to bring Europe to its knees.
Why is Europe trembling?
A major reason for the skyrocketing gas prices in Europe is the current crisis in the Strait of Hormuz. This is an important sea route of the world, through which about 20 percent of LNG and crude oil is traded. Due to the tension of Iran war, Qatar has completely stopped its LNG supply this week. This is a big blow to Europe because Qatar alone meets 6 percent of the gas needs of the European Union (EU). The situation worsened so much on Monday that European gas prices reached a record level of 48.66 euros per megawatt hour. This sudden increase of more than 50% has forced the EU gas and oil groups to call emergency meetings to take stock of the situation.
How possible is Europe to survive without Russia?
Since the start of the war with Ukraine, Europe has tried hard to distance itself from Russian gas. To a great extent, he was successful in this. At present, Norway (30%) and America (58%) have emerged as the largest suppliers of energy to Europe. Despite this, the bitter truth is that Europe has not been completely independent from Russia. Big countries like France, Spain and Belgium are still importing large quantities of LNG from Russia. The European Union has passed a new law in January 2026 this year, which aims to impose a complete ban on Russian gas by the end of 2027.
Europe’s increasing helplessness
Russia, which is facing continuous sanctions from western countries, has now changed its strategy. It has turned its gas supply towards China, India and other Asian countries. Vladimir Putin understands very well that if he cuts the gas line at this critical time, Europe will be left with no immediate option. The conflict in the Middle East has already limited options. In such a situation, stoppage of gas supply will have a direct impact on the economy of Europe and the entire system there may come to a standstill.
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