Putin’s Energy War Is Crushing Europe

Christina Lu

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Factories, businesses, and families across Europe are battling for survival as Russia’s chokehold on the continent’s natural gas supply sends prices to astronomical heights, unleashing a brutal economic storm that has tested European solidarity about Russia’s war in Ukraine and fueled fears of an impending recession.

Crushingly high energy prices have soared to 10 times their average level throughout the past decade, leading to spikes that have throttled industries and left households scrambling to pay their bills. The resulting bloodbath has catapulted European leaders into emergency action as they rush to institute sweeping emergency measures in an effort to drag down prices. Brussels is talking about rationing gas; national governments are racing to find alternative supplies now that Russia has cut off essentially one-third of the continent’s gas supplies as part of its campaign to make Europe cry uncle before Moscow’s scarecrow forces vanish altogether in Ukraine.

“People have shockingly high electricity bills. Small businesses are struggling to pay the bills. Factories are considering whether or not to close or to curtail production,” said Ben Cahill, a senior fellow at the Center for Strategic and International Studies (CSIS). “And this is before the winter has come, so it could get worse.”