Europe Replaces Most Russian Gas but Faces New Supply Risks After Nord Stream Blasts

Four years after the Nord Stream explosions, Europe has replaced most of its Russian gas supplies through imports from Norway, American liquefied natural gas and lower consumption. The shift has reduced reliance on Russia while leaving the continent more exposed to price swings and shipment shortages.

Norwegian gas has played a central role in filling the gap. Alongside it, US liquefied natural gas has become a key source of replacement supply, increasing the importance of seaborne deliveries to Europe’s energy balance.

Reduced consumption has also helped Europe adjust. By using less gas, the continent has limited the volume of replacement imports needed to make up for lost Russian supplies.

But replacing those volumes has not eliminated supply risks. Greater reliance on liquefied natural gas leaves Europe vulnerable when shipments become scarce, while price volatility remains a challenge for buyers.

Europe’s adjustment therefore marks a change in the nature of its energy exposure rather than an end to it. Most Russian gas has been replaced, but maintaining affordable and dependable supplies remains a concern.