EMEA Gas & Power Market Data

Following Russia's invasion of Ukraine in February 2022, Russia progressively cut off gas supplies to Europe through a series of actions — halting the Yamal-Europe pipeline, reducing and ultimately losing Nord Stream-1 flows (partly due to underwater explosions), and terminating contracts with German buyers. The final remaining major transit route through Ukraine ended in January 2025 when the five-year transit agreement expired and was not renewed. As of July 2026, TurkStream remains the only pipeline route for Russian gas into Europe, serving a limited set of Balkan and Central European countries. The EU has since moved to formalize the end of this energy relationship by legislating a full ban on remaining Russian pipeline gas and LNG imports by late 2027.

Europe has replaced Russian pipeline gas primarily through a massive ramp-up in LNG imports (rising from 19% to 39% of total supply between 2021 and 2025), with the US now the largest single LNG supplier at 58% of Europe's LNG imports. Norway remains the backbone of pipeline supply, while Algeria and Azerbaijan have grown in importance for Southern and Central Europe. However, Europe faces significant near-term challenges including critically low storage levels, disruption to Qatari LNG due to the Strait of Hormuz closure, and the looming EU ban on Russian LNG contracts taking effect January 1, 2027.