The current situation must be very difficult for Russian gas. They need to switch from their legacy fields to the way more expensive gas feed from Yamal in a few year’s time which will also bust the mirage they are living with right now. Under today’s market prices, Russian gas from the new fields is too expensive. The US can use Europe as a dumping ground and try to make cash somewhere else courtesy of the great mobility of LNG. But Russian pipelines are where they are. The clock is ticking and every day in this situation must fray out Russian nerves.
Europe can buy its natural gas wherever it wants, including Russia, but there should be more competition among suppliers, a top U.S. energy official told CNBC.