Vladimir Putin's energy gambit fizzles as warm winter saves Europe

While a cold snap or delivery disruptions could still throw energy markets into disarray, optimism is growing that Europe can now make it through this winter and next

Russian President Vladimir Putin’s plans to squeeze Europe by weaponising energy look 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 pre-war levels. Europe is likely already through the worst of the crisis. China’s Covid woes blunting competition for LNG cargoes would take the edge off inflation, stabilise Europe’s economic outlook and leave the Kremlin with less leverage over Ukraine’s allies. 

While a cold snap or delivery disruptions could still throw energy markets into disarray, optimism is growing that Europe