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The spike in global energy prices works entirely in Moscow’s favour, analysts say
Russia can afford complete halt in gas supplies to Europe – Bloomberg

Russia can shut down its natural gas exports to Europe entirely for more than a year, without inflicting significant damage on the national economy, Bloomberg has reported, citing strategists at Capital Economics.

In light of the current price situation, Russia’s “balance of payments is in such a strong position that, if oil prices and oil exports remain at current levels, Russia could keep gas exports to Europe at 20% of normal levels for at least three years,” analysts at the consultancy said in a note seen by the agency.

A year-long supply cut-off by Russia could happen “without adverse consequences for its economy,” Liam Peach, one of the economists at Capital Economic said.