Russian President Vladimir Putin’s plans to squeeze Europe by weaponizing energy seem to be fizzling, at least for now.
Mild weather, a wider array of suppliers and efforts to reduce demand are helping, with gas reserves still nearly full and prices tumbling to prewar levels. After the sharp turnaround over the past month, Europe is likely already through the worst of the crisis.
The combination of conditions — including China’s COVID-19 woes blunting competition for LNG cargoes — would take the edge off inflation, stabilize Europe’s economic outlook and leave the Kremlin with less leverage over Ukraine’s allies, if they persist.