If Russia does wield the gas weapon, how much would it hurt the West? If the interruption were limited to gas passing through Ukraine, as in 2009, the rest of Europe would manage fine. For one thing, Gazprom has already slashed the flow of gas through Ukraine. Citigroup, a bank, reckons it is half the level seen last year and a quarter of that in 2019.
What if Mr Putin cuts off all gas to Europe? Some immediate disruption would be inevitable. This would be felt most acutely in Slovakia, Austria and parts of Italy (see chart), reckons David Victor of the University of California, San Diego. Of the big European countries, Germany is the most vulnerable. Because of its climate-motivated push to retire coal-fired power stations and its rash decision, taken in the wake of Japan’s Fukushima disaster, to shut down its nuclear plants, it remains more reliant on natural gas than it need be. It is Europe’s largest consumer of gas, which accounts for roughly a quarter of its total energy consumption, with Russia supplying over half of its imports.
The good news is that Europe’s energy system is more resilient than it was during the crisis of 2009. Andreas Goldthau of the University of Erfurt in Potsdam points to some useful changes. Pro-competition measures (like a ban on “destination clauses” that forbid the resale of gas) have weakened Gazprom’s grip. A dense web of gas interconnectors now links previously isolated countries