The gas problem
Jul 11, 2022
“Let’s prepare ourselves for a total cut-off of Russian gas”, said French Finance Minister Bruno Le Maire over the weekend at an economic conference in warm and sunny Aix-en-Provence, “that is the most likely scenario today.” Germany is most affected. 25% of German energy consumption is gas of which roughly 1/3 came from Russia before the crisis. There is no credible way to substitute gas by other energy sources in the short run. It is clear Europe needs to stand firm now as energy is being weaponized by Russia. It is also clear to us that there is a dire economic price we have to pay.