economy
March 18, 2026
EU will ‘inevitably beg for more Russian gas’
EU gas prices will grow by 100% more than previously projected, meaning the bloc will “inevitably beg” for Russian gas, Kirill Dmitriev says
TL;DR
- Kremlin envoy Kirill Dmitriev forecasts EU gas prices to rise at least 100% more than previously projected.
- Escalating Middle East crisis triggered by US-Israeli attack on Iran is sending global oil and gas prices soaring.
- EU continues to face consequences from severing energy ties with Russia and its green energy policies.
- HSBC report cited by Bloomberg projects natural gas prices in the EU to be 40% higher than previously projected for 2026.
- Disruption to global shipping through the Strait of Hormuz has impacted oil and LNG supplies, with traffic reportedly dropping by 80%.
- EU is vulnerable to LNG supply disruptions, with storage levels 15% below the five-year average.
- US natural gas futures have remained stable due to ample stockpiles and export capacity.
- Some EU politicians are calling to reconsider sanctions on Russia following warnings from President Putin about potential gas supply halts.
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