Global financial crash warning: BoE chief urged to hold urgent talks on Russia invasion | City & Business | Finance

Gas prices meanwhile have climbed a further 15 percent.

Mr Grieveson explained the crisis had showed Europe’s “huge reliance on Russia” which accounts for around 40 percent of natural gas supplies.

Any further disruption to these supplies is likely to pose major problems for the continent given lack of availability of supplies elsewhere.

Richard Howard, Research Director at Aurora Energy, explained there was now “little spare capacity available to liquify more gas for transportation to Europe and other markets.

“American LNG liquefaction terminals, which typically provide some flexibility, have been running at or near maximum capacity.

“And there appeared to be little flexibility for Europe’s non-Russian pipeline gas suppliers to lift output any higher.”