Russia’s stranglehold on gas worries EU

Europe is worried about its reliance on Russian gas as the crisis in the Ukraine continues, reports The Economist.

Read: China artificially raised mineral prices: WTO

The European Union depends on Russia for 28% of its gas supply. Many former Soviet-satellite countries depend on it for 100% of their needs. Germany, Europe’s economic engine, gets 37% of its supply from Russia, says The Economist.

Russia has turned off the taps before in times of tension. Since a 2009 flare-up over Ukraine, other European countries have been working to reduce their dependency on Russia, building more storage capacity, diversifying supply and beefing up other infrastructure, but those projects take years to complete.

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