Russia’s energy influence over Europe ‘is nearly over’ as bloc races to shore up winter gas supplies
Europe's dependence on Russian gas appears to be coming to an end, energy and political analysts say, potentially alleviating the risk of further supply disruptions at a time when many fear Russia could completely cut off deliveries during the winter.
Agathe Demarais, global forecasting director at The Economist Intelligence Unit, a research and advisory firm, told CNBC that the Kremlin appeared to be weaponizing energy supplies and "burning bridges" with Europe while it still could.
Asked whether Russia's energy influence over Europe may be coming to an end, Demarais replied, "Yes. Actually, very much so."
"Europe is heading towards a very difficult winter, probably two years of a very difficult adjustment with a lot of economic pain. But then Europe is essentially going to become more independent with a more diversified mix," Demarais said.
"And what that means is that Russia's energy weapon is going to become moot," she added. "Our view is that Russia knows that and that's why it is already killing off gas supplies or inflicting uncertainty because it knows that if it wants to do damage to Europe it has to do it now. It is a now or never question."
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