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EU says full Russian gas halt would slash GDP

Published by Wanda Rich

Posted on July 20, 2022

1 min read

· Last updated: February 5, 2026

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European Union flags outside the EU Commission amidst gas supply crisis - Global Banking & Finance Review
The image features European Union flags fluttering outside the EU Commission headquarters in Brussels. This visual underscores the EU's response to potential GDP impacts from a full Russian gas supply halt, as discussed in the article.
GDP European Commission energy market economic growth financial crisis
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By Kate Abnett BRUSSELS (Reuters) – A full cut-off of Russian gas supplies to Europe, combined with a cold winter, could reduce average EU gross domestic product by up to 1.5% if countries do not prepare in advance, the European Commission said on Wednesday. The European Union executive proposed a voluntary target for member states […]

By Kate Abnett

BRUSSELS (Reuters) – A full cut-off of Russian gas supplies to Europe, combined with a cold winter, could reduce average EU gross domestic product by up to 1.5% if countries do not prepare in advance, the European Commission said on Wednesday.

The European Union executive proposed a voluntary target for member states to cut gas use by 15% until March, to prepare for potential further gas cuts from Russia. It said a full Russian cut-off in an average winter could reduce average EU GDP by up to 1% if countries fail to prepare.

(Reporting by Kate Abnett; editing by Foo Yun Chee)

Frequently Asked Questions

What is the European Commission?
The European Commission is the executive branch of the European Union responsible for proposing legislation, implementing decisions, upholding treaties, and managing the day-to-day operations of the EU.
What is the energy market?
The energy market refers to the marketplace where energy commodities such as electricity, gas, and renewable energy are traded, influencing prices and availability based on supply and demand.
What is economic growth?
Economic growth is an increase in the production of goods and services in an economy over a period of time, typically measured as the percentage increase in real GDP.
What is a financial crisis?
A financial crisis is a situation in which the value of financial institutions or assets drops rapidly, leading to a loss of confidence in the financial system and often resulting in economic downturns.

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