Letter from Europe: Gas crossroads

Caught between LNG risks from across the Atlantic and the wounds from Russian gas dependence, Europe needs more than a simple diversification strategy

In his speech at the World Economic Forum in Davos in January, Canada’s Mark Carney observed that: “More recently, great powers began using economic integration as weapons. Tariffs as leverage. Financial infrastructure as coercion. Supply chains as vulnerabilities to be exploited.” He went on to state that: “You cannot ‘live within the lie’ of mutual benefit through integration when integration becomes the source of your subordination.” It is now four years since Russia invaded Ukraine. Hundreds of thousands have been killed on both sides and huge material damage has been done to Ukraine’s infrastructure. In that time, the underpinnings of European gas security have been fundamentally rewrit