<main id="content"><article id="new-article-template"><div class="css-1bfdg3q e1pkqesp0"><div class="css-1qjp74c e188esf00"><div class="css-129jqss en4o1560"><section class="css-u7urgs e12sbwn90"><div class="css-b4a1pi e1u9wqfn0"><span class="css-x8vgju e6e0kfy0"><a href="/finance-and-economics"><span>Finance &amp; economics</span></a></span><span class="css-rjcumh e1vi1cqp0"> | The West v Russia</span></div></section></div><div class="css-vpmedt en4o1560"><section class="css-1ugvd2u e18wk22u0"><figure class="css-j0a8mg e1197rjj0"><img width="1280" sizes="(min-width: 960px) 700px, 95vw" srcset="https://www.economist.com/cdn-cgi/image/width=360,quality=80,format=auto/media-assets/image/20221105_FND001.jpg 360w, https://www.economist.com/cdn-cgi/image/width=384,quality=80,format=auto/media-assets/image/20221105_FND001.jpg 384w, https://www.economist.com/cdn-cgi/image/width=480,quality=80,format=auto/media-assets/image/20221105_FND001.jpg 480w, https://www.economist.com/cdn-cgi/image/width=600,quality=80,format=auto/media-assets/image/20221105_FND001.jpg 600w, https://www.economist.com/cdn-cgi/image/width=834,quality=80,format=auto/media-assets/image/20221105_FND001.jpg 834w, https://www.economist.com/cdn-cgi/image/width=960,quality=80,format=auto/media-assets/image/20221105_FND001.jpg 960w, https://www.economist.com/cdn-cgi/image/width=1096,quality=80,format=auto/media-assets/image/20221105_FND001.jpg 1096w, https://www.economist.com/cdn-cgi/image/width=1280,quality=80,format=auto/media-assets/image/20221105_FND001.jpg 1280w, https://www.economist.com/cdn-cgi/image/width=1424,quality=80,format=auto/media-assets/image/20221105_FND001.jpg 1424w" src="https://www.economist.com/cdn-cgi/image/width=1424,quality=80,format=auto/media-assets/image/20221105_FND001.jpg"></figure></section></div><div class="css-129jqss en4o1560"><div class="css-13r0q4k ebbih0g0"><section class="css-1xs6rxu e19oi8vf1"><div class="css-11m2wk0 e19oi8vf2"><p class="css-1f0x4sl e1tt35bk0"><span>I</span><small>N MID-OCTOBER, </small>off the Spanish coast, a number of slow-moving metallic domes emerged on the skyline. They were tankers, pregnant with superchilled liquefied natural gas (<small>LNG</small>) and awaiting delivery at busy &#x201C;regasification&#x201D; terminals, where their liquid fuel is turned to gas before being transferred across the continent. Iberia has the biggest facilities in Europe, but congestion is building elsewhere, too. The amount of <small>LNG</small> off European shores has hit 1.2m tonnes, according to Kpler, a data firm, up from 140,000 in August. At least the crews have beautiful weather in which to relax. Across Europe, temperatures are unseasonably warm: southern Spain is still seeing days above 30&#xB0;C.</p></div></section><div class="css-1bdax0c e13p72us0"><p class="css-1i4m1tx eikojtn0">This article appeared in the Finance &amp; economics section of the print edition under the headline &#x201C;From crisis to catastrophe&#x201D;</p></div></div></div></div><div><div class="css-mqgbir ekf19570"><div class="css-1udh2m3 e1sxhytt1"><div class="css-10pit5x e188esf00"><div class="css-pdqis7 en4o1560"><div class="css-ctje7d enphw8n0"><div class="css-1w6u71t e1xwzcy70"><figure class="css-j0a8mg e1197rjj0"><img alt="Russian conscripts called up for military service line up before their departure for garrisons at a railway station in Novosibirsk, Russia on November 14th 2024" width="1280" sizes="(min-width: 1440px) 700px, (min-width: 1280px) 50vw, (min-width: 960px) 66vw, 95vw" srcset="https://www.economist.com/cdn-cgi/image/width=256,quality=80,format=auto/content-assets/images/20241123_FNP501.jpg 256w, https://www.economist.com/cdn-cgi/image/width=360,quality=80,format=auto/content-assets/images/20241123_FNP501.jpg 360w, https://www.economist.com/cdn-cgi/image/width=384,quality=80,format=auto/content-assets/images/20241123_FNP501.jpg 384w, https://www.economist.com/cdn-cgi/image/width=480,quality=80,format=auto/content-assets/images/20241123_FNP501.jpg 480w, https://www.economist.com/cdn-cgi/image/width=600,quality=80,format=auto/content-assets/images/20241123_FNP501.jpg 600w, https://www.economist.com/cdn-cgi/image/width=834,quality=80,format=auto/content-assets/images/20241123_FNP501.jpg 834w, https://www.economist.com/cdn-cgi/image/width=960,quality=80,format=auto/content-assets/images/20241123_FNP501.jpg 960w, https://www.economist.com/cdn-cgi/image/width=1096,quality=80,format=auto/content-assets/images/20241123_FNP501.jpg 1096w, https://www.economist.com/cdn-cgi/image/width=1280,quality=80,format=auto/content-assets/images/20241123_FNP501.jpg 1280w, https://www.economist.com/cdn-cgi/image/width=1424,quality=80,format=auto/content-assets/images/20241123_FNP501.jpg 1424w" src="https://www.economist.com/cdn-cgi/image/width=1424,quality=80,format=auto/content-assets/images/20241123_FNP501.jpg"></figure></div><div class="css-0 exn4l0u0"><p class="css-llqkfq e7x1xmz0">Russia&#x2019;s reliance on China is becoming a problem</p></div></div></div><div class="css-12zrjtn en4o1560"><div class="css-6p3gio enphw8n0"><div class="css-1js7g3m e1xwzcy70"><figure class="css-j0a8mg e1197rjj0"><img alt="Elon Musk leaves after a meeting with President-elect Donald Trump and House Republicans at the Hyatt Regency in Washington, USA." width="1280" sizes="(min-width: 1440px) 700px, (min-width: 1280px) 50vw, (min-width: 960px) 66vw, 95vw" srcset="https://www.economist.com/cdn-cgi/image/width=256,quality=80,format=auto/content-assets/images/20241116_FNP504.jpg 256w, https://www.economist.com/cdn-cgi/image/width=360,quality=80,format=auto/content-assets/images/20241116_FNP504.jpg 360w, https://www.economist.com/cdn-cgi/image/width=384,quality=80,format=auto/content-assets/images/20241116_FNP504.jpg 384w, https://www.economist.com/cdn-cgi/image/width=480,quality=80,format=auto/content-assets/images/20241116_FNP504.jpg 480w, https://www.economist.com/cdn-cgi/image/width=600,quality=80,format=auto/content-assets/images/20241116_FNP504.jpg 600w, https://www.economist.com/cdn-cgi/image/width=834,quality=80,format=auto/content-assets/images/20241116_FNP504.jpg 834w, https://www.economist.com/cdn-cgi/image/width=960,quality=80,format=auto/content-assets/images/20241116_FNP504.jpg 960w, https://www.economist.com/cdn-cgi/image/width=1096,quality=80,format=auto/content-assets/images/20241116_FNP504.jpg 1096w, https://www.economist.com/cdn-cgi/image/width=1280,quality=80,format=auto/content-assets/images/20241116_FNP504.jpg 1280w, https://www.economist.com/cdn-cgi/image/width=1424,quality=80,format=auto/content-assets/images/20241116_FNP504.jpg 1424w" src="https://www.economist.com/cdn-cgi/image/width=1424,quality=80,format=auto/content-assets/images/20241116_FNP504.jpg"></figure></div><div class="css-0 exn4l0u0"><p class="css-llqkfq e7x1xmz0">We offer some suggestions</p></div></div><div class="css-6p3gio enphw8n0"><div class="css-1js7g3m e1xwzcy70"><figure class="css-j0a8mg e1197rjj0"><img alt="Pair of old leather shoes with an indicator line passing through one of them" width="1280" sizes="(min-width: 1440px) 700px, (min-width: 1280px) 50vw, (min-width: 960px) 66vw, 95vw" srcset="https://www.economist.com/cdn-cgi/image/width=256,quality=80,format=auto/content-assets/images/20241116_FND000.jpg 256w, https://www.economist.com/cdn-cgi/image/width=360,quality=80,format=auto/content-assets/images/20241116_FND000.jpg 360w, https://www.economist.com/cdn-cgi/image/width=384,quality=80,format=auto/content-assets/images/20241116_FND000.jpg 384w, https://www.economist.com/cdn-cgi/image/width=480,quality=80,format=auto/content-assets/images/20241116_FND000.jpg 480w, https://www.economist.com/cdn-cgi/image/width=600,quality=80,format=auto/content-assets/images/20241116_FND000.jpg 600w, https://www.economist.com/cdn-cgi/image/width=834,quality=80,format=auto/content-assets/images/20241116_FND000.jpg 834w, https://www.economist.com/cdn-cgi/image/width=960,quality=80,format=auto/content-assets/images/20241116_FND000.jpg 960w, https://www.economist.com/cdn-cgi/image/width=1096,quality=80,format=auto/content-assets/images/20241116_FND000.jpg 1096w, https://www.economist.com/cdn-cgi/image/width=1280,quality=80,format=auto/content-assets/images/20241116_FND000.jpg 1280w, https://www.economist.com/cdn-cgi/image/width=1424,quality=80,format=auto/content-assets/images/20241116_FND000.jpg 1424w" src="https://www.economist.com/cdn-cgi/image/width=1424,quality=80,format=auto/content-assets/images/20241116_FND000.jpg"></figure></div><div class="css-0 exn4l0u0"><p class="css-llqkfq e7x1xmz0">Existing measures of discomfort are failing to predict elections</p></div></div><div class="css-ctje7d enphw8n0"><div class="css-0 exn4l0u0"><p class="css-llqkfq e7x1xmz0">Indicators of market volatility have plunged</p></div></div></div><div class="css-1ls2jbk en4o1560"><div class="css-yuq3xx e188esf00"><div class="css-1smej6r en4o1560"><div class="css-ctje7d enphw8n0"><div class="css-0 exn4l0u0"><p class="css-llqkfq e7x1xmz0">Rich countries need not reinvent the wheel</p></div></div></div><div class="css-1smej6r en4o1560"><div class="css-ctje7d enphw8n0"><div class="css-0 exn4l0u0"><p class="css-llqkfq e7x1xmz0">America&#x2019;s president-elect wants to reshape trade, capital and labour flows</p></div></div></div></div></div></div></div></div></div></div></article></main>

Darkread

Europe’s energy crisis is very far from over