Despite the strong sanctions imposed on Moscow by the European Union, Russia continues to hold the majority of energy dominance on the continent. While it is true that gas imports via pipeline have decreased drastically, LNG is becoming essential to ensure supply this winter and the next, and in this sense, Putin continues to have a dominant position in the sector.

Russia remains the fourth largest LNG exporting power in the world, behind Qatar, Australia, and the United States; with sales expected to reach a record high in 2022 and 80% of which will be destined for the same Western countries that have imposed sanctions on it.

Despite the moral will to stop depending on the Kremlin, Europe is forced to continue buying Russian gas if, as we have discussed on other occasions, it wants to ensure that gas reserves can be replenished in the face of the winter of 2023.

In this regard, it will be necessary to see how the possible market intervention by European energy ministers affects, as they have agreed to meet next week to discuss the possibility of applying a price cap on gas.