Video Briefing: EU’s Russian Gas Ban & Storage Challenges, With Natasha Fielding from Argus Media
A combination of legislation phasing out remaining Russian gas supplies and cold weather is putting pressure on EU gas storage levels. In this video briefing, Natasha Fielding, Head of Gas Pricing at Argus Media, talks to Bill Read, Managing Director of Enco Insights about impacts for supply chains.
Enco Insights, London - 24 February, 2026
In January, the EU passed legislation to phase out remaining Russian imports of pipeline and liquified natural gas. LNG imports should end by late-2026, with pipeline gas by September 2027. Russian pipeline gas imports still account for around 5% of European supplies. South East European markets, including Hungary and Slovakia, are likely to be hardest hit and will look for alternative sources, potentially impacting German supplies.
Weather Pressures
Meanwhile, a cold snap is placing additional pressure on EU gas supplies. “Underground gas stocks could end this winter at their lowest levels since 2018," says Natasha Fielding, Head of Gas Pricing at Argus Media. "We’ve got historically low levels."
The immediate challenge for the bloc is need to source supplies to get through the winter. Next, governments, utilities and wider supply chains will need to restock across 2026 - a task which may be complicated by a relaxation of rules governing EU gas storage level requirements.
“The biggest impact will be on those South East European gas markets that are still getting Russian gas – primarily Hungary, Slovakia. These markets will have to get alternatives.”
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