“Total halt of Russian energy exports to Europe could put UK’s energy security at risk”

Europe could face a ‘severe recession’ if Vladimir Putin turns off the gas flows, according to a report

Big Zero Report 2022

Turning off the Russian gas taps completely could put the UK’s energy security at risk.

That’s according to the latest report by the Centre for Economics and Business Research (CEBR) which estimates the risk of a recession in Europe this winter is approximately 40%.

In June, Russian energy company Gazprom cut exports through the Nortstream 1 pipeline by nearly 60%.

In recent weeks, countries have announced measures to navigate the energy crisis.

Last week, Germany triggered stage two of its emergency gas plan.

The authors of the CEBR’s report suggest the UK is still exposed to the energy market price volatility although there is no Russian pipeline delivering gas to the UK directly.

They also note that the UK has very limited storage capacity, meaning it is less able to sit out temporary price shocks.

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