Possible Total Stop of Russian Gas to Europe from Jan 1

Eni chief executive Claudio Descalzi warned European policymakers that the war in Ukraine could lead to a complete halt of Russian gas supplies to Europe starting on 1 January. He told the Italian Chamber of Deputies' Production Activities Committee that, despite current price stability at $90‑$100 per barrel due to OPEC reserves, the "tail of the Russia‑Ukraine war will probably bring a full stop of gas from Russia to Europe from Jan 1". Descalzi said the historic reliance on Russian and Middle‑East energy has been eroded, and a post‑January supply gap will raise financing costs, insurance premiums and investment risks for the continent.

The warning underscores the broader energy‑security challenge facing Europe as it seeks to replace Russian gas with alternative sources, a shift that could reshape market dynamics and fiscal policies across the region.