Analyst: Romania, only CEE country that can survive without Russian gas

Newsroom 09/07/2014 | 09:15

Overreliance on Russian gas leaves Europe vulnerable if the conflict with Ukraine escalates, and it is eastern Europe that is most at risk, analysts have warned, quoted by CNBC.

“In eastern Europe, only Romania has sufficient domestic production to withstand disruptions,” said Prague-based economist Tomas Holinka in a report for Moody’s Analytics.

According to the same researchers, Romania’s southern neighbor Bulgaria would have the most to suffer if it does not get its supply of Russian natural gas.

“Bulgaria would be the hardest-hit member, as the country imports all its natural gas from Russia. Italy and Germany are less vulnerable, as both countries have diversified suppliers,” said Prague-based economist Tomas Holinka in a report for Moody’s Analytics.

Slovakia and Hungary are two other examples that are seen as vulnerable in the aftermath of the conflict. Slovakia imports all of the gas it needs for consumption, and 83.5 percent of that comes from Russia. Hungary imports 75 percent of the gas it consumes and the country’s sole supplier is also Russia.