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Europe’s Shift from Russian Gas to Pricey LNG

When the EU bombarded Russia with sanctions following the invasion of Ukraine back in 2022, gas was in the spotlight. Russia was the continent’s biggest supplier, and it was about to stop being that. At the time, the dominant mood in Europe was confidence—that even if Russia were to turn the tap off, there are plenty of alternatives. Indeed, they were. But what they did was replace one dependence—Russian gas—with another: LNG. And there is a lot more competition in the LNG space than there was for Russian pipeline gas. Back…

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