Russia Undermining European Gas Supply amid Ukraine Standoff, IEA Says

Russia is contributing to an undersupply of natural gas to Europe, the head of the International Energy Agency (IEA) Fatih Birol said on Jan. 12, noting it comes amid a standoff between Moscow and the West over Ukraine.

The Paris-based IEA, energy watchdog for developed countries, warned that the high energy prices and consumer pain wrought by the gas crunch makes the case for future mandatory storage quotas for European companies.

"We believe there are strong elements of tightness in Europe's gas markets due to Russia's behavior," Birol told reporters, noting "today's low Russian gas flows to Europe coincide with heightened geopolitical tensions over Ukraine".