Ukraine crisis: Will the gas price explode now?

Following the recent events in Ukraine, the Nord Stream 2 gas project has been put on hold. Analysts agree that as a result, the price of gas is likely to rise in the coming days. Russia's former president Dmitry Medvedev, meanwhile, has announced a veritable price explosion: "Welcome to a new world where Europeans will soon be paying 2,000 euros for 1,000 cubic meters of gas," the current deputy chairman of the Russian National Security Council declared on Twitter.

German Chancellor Olaf Scholz said that the approval process for the German-Russian gas pipeline would have to be re-evaluated - Russia had committed serious violations of international law. On Monday, Russian President Vladimir Putin had expressed his doubts about Ukraine's right to exist and announced the recognition of the separatist regions of Luhansk and Donetsk in the east of the country. Washington had already imposed the first punitive measures against the separatist areas on Monday.

German Economy Minister Robert Habeck stressed the importance of reducing dependence on Russian gas.

Energy expert Claudia Kemfert of the German Institute for Economic Research (DIW) said, "The best answer to fossil energy wars is the energy turnaround with an expansion of renewable energies and significant energy savings" However, the DIW does not see the Federal Republic well prepared for the looming energy crisis. A gas reserve is needed that could supply us with gas for 90 days in an emergency.

Unlike politicians, analysts show partial understanding for Putin's approach, which is based on security guarantees. They say it is important to bear in mind that NATO has been moving ever closer to Russia's borders since the end of the Soviet Union. They also say that the continual stirring of emotions against Russia, which is constantly portrayed as an aggressor that could overrun Europe at any moment, will not be conducive to peaceful coexistence in Europe.