Depending on Russia

Europe's increasing dependence on Russia for gas supplies throws up new risks that must be assessed. Understanding political risk is key, but the biggest risk to supply could be the lack of investment in the sector, finds Roderick Bruce

Despite well-aired misgivings, the European Union (EU) is becoming increasingly reliant on Russia for its gas supplies. Gas demand from the 25 EU member states (EU-25) is forecast to rise by around 20% between now and 2015, with gas expected to be 30% of total energy demand, up from the current figure of 24%.

At the same time, European gas production, from everywhere except Norway, is in decline. The EU-25 currently imports 25% of its gas from Russia, with Norway and Algeria as other significant

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