FT: Gas exchange prices in Europe may remain high for many years.

Exchange prices for gas in the European region may remain at a high level for several more years. 

"It is highly likely that gas prices will remain high in the winter of 2023-2024. This will deal a strong blow to the economies of the eurozone states, " British newspaper Financial Times reports.

According to the newspaper, with a long-term stoppage of gas supplies from Russia, only the German economy will sink by at least 5 per cent. Therefore, Europe needs to reduce gas consumption as soon as possible, striving to conclude contracts for the supply of LNG in order to be less dependent on price fluctuations in the spot gas market.

The publication indicated that due to the maintenance of the Nord Stream, many European politicians feared a complete cessation of gas supplies from Russia. The panic in the market caused an almost twofold increase in prices for this type of fuel.