Europe finds itself in a bind; horrified by Russia’s action in Ukraine, yet, at least in part, funding Moscow’s war chest through the billions spent on Russian gas imports.
As a consumer in the European gas market, the UK plays a part in driving up the region’s gas prices. And with Moscow supplying 40% of Europe’s gas, higher gas prices increase the value of Russian exports, ultimately delivering higher returns to the Russian National Wealth Fund.
So, while direct imports of Russian gas are low in the UK, in the short term at least, UK consumers will not be able to avoid inflated gas prices.
