The World Bank has warned of the rise in gas prices in Europe due to the refusal of supplies from Russia. Europe will have to look for a substitute for Russian gas against the backdrop of production cuts in the North Sea and possible disruptions in supplies from Norway, according to the World Bank's report. If it will not be possible to compensate for the lost volumes, prices will rise not only in Europe, but also in Asia, the document stated. In the first half of 2026, Russian gas accounted for about 11% of the supply to the EU. At the same time, gas prices in Europe are already almost three times higher than the level before the conflict in the Middle East. The EU plans to stop importing Russian LNG from January 1, 2027, and pipeline gas from September 30, 2027.

The World Bank has warned of the rise in gas prices in Europe due to the refusal of supplies from Russia. Europe will have to look for a substitute for Russian gas against the backdrop of production cuts in the North Sea and possible disruptions in supplies from Norway, according to the World Bank's report. If it will not be possible to compensate for the lost volumes, prices will rise not only in Europe, but also in Asia, the document stated. In the first half of 2026, Russian gas accounted for about 11% of the supply to the EU. At the same time, gas prices in Europe are already almost three times higher than the level before the conflict in the Middle East. The EU plans to stop importing Russian LNG from January 1, 2027, and pipeline gas from September 30, 2027.