The Moscow Times: EU's Energy Crisis Will Likely Be Short-Lived

Europe is highly concerned about its excessive dependence on Russian natural gas that is transported through Ukraine. In 2013, half of Russian gas sold outside the former Soviet Union went through Ukraine's territory. Last year, Gazprom set a new record by raising its market share in Europe to 30 percent.

There is therefore a common feeling that the ongoing Ukraine crisis could have a negative impact on European energy supplies. Nonetheless, the likelihood of supply cuts is low, and even if it were to happen, it would be short-lived. Dependence on Gazprom is also relative.

Due to diversification of supplies and gas storage, any cuts would not have a significant impact on Europe's security of supply and economic growth.
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