Research "Europe 2021: Gazprom Bayonet Test. What Happened to the EU Gas Market?"

In December 2021, natural gas prices at European gas hubs sometimes exceeded an unprecedented historical high of $ 2,200 per thousand cubic meters. What was really going on in the EU gas market and what is Gazprom's role in this? To answear on these questions, read new research by experts from the Centre for Global Studies "Strategy XXI".

What really happened in the EU gas market is an important issue for Ukraine, because in the circumstances of Russian aggression, the necessary volumes of gas have been imported from the European market for the seventh year in a row. A new study, "Europe 2021: The Gazprom Bayonet Test. What Happened in the EU Gas Market?" Experts of the Centre for Global Studies "Strategy XXI" Mykhailo Gonchar and Igor Stukalenko tried for the first time to systematically and in detail analyze the factors and preconditions for gas prices escalation, Russia's role in it and current EU policy to minimize the consequences. The current price shock in the energy sector has been defined in the EU as an "unexpected crisis".

It is not too late to stop the Russian offensive in 2022. But the efforts of an unconsolidated Europe will not be enough. This can only be done in cooperation with the United States. Of course, provided that Washington has the appropriate understanding and vision of the need to direct the entire volume of American LNG to Europe in order to replace Russian gas as much as possible.

Read about this in our new research (full version in Ukrainian only for now). 



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