Economist: EU Faces Recession If Russia Cuts Off Gas Supply

Amid an ongoing energy crisis in the European Union, Russia’s Gazprom has told European customers that it cannot guarantee them gas supplies.

This is according to a Gazprom letter seen by Reuters. The letter cited “extraordinary” circumstances for the potential disruptions.

Currently, there are fears that Russia will completely cut off Europe’s supply of gas. The head of the International Energy Agency warned on Monday that this is a real possibility.

NTD talked to Daniel Lacalle about what’s at stake for Europe. Lacalle is the chief economist at the Tressis hedge fund.