Ukraine crisis: Europe scrambles to reduce dependence on Russian gas

Europe is scrambling to reduce its dependence on Russia for energy and bracing for potential disruption to critical natural gas supplies as Russia's war in Ukraine sends prices to new highs.

Natural gas prices hit a record Thursday for a second day in a row as restrictions on oil and gas were increasingly treated as a possibility on the eighth day of the war whether through Western sanctions or Russian retaliation.

That could mean even more pain to people's wallets: Energy prices have been high for months because of low supplies, driving up the cost of everything from utility bills to groceries as businesses pass along their costs to customers.

Traders were factoring in the rising probability of sanctions on gas for each day the offensive continues, said Kaushal Ramesh, senior analyst at Rystad Energy.

The price of gas is 10 times what it was at the start of 2021.

But it continues to flow through the major pipelines from Russia to Europe, including those through Ukraine, pipeline