The flip side of that is that the Europeans are heavily dependent on those exports.
She said, they are now in a state, where they can't be pressured trough gas deliveries from Russia. Whether this is true, I have no idea.
You can't build LNG transfer depots to replace half of your pipeline deliveries in years, let alone weeks.
Looking at this, Russian LNG imports makes up 20%. Doesn't seem to be completly impossible for the other countries on that list to cover for it at maybe a higher price. https://www.eia.gov/todayinenergy/detail.php?id=51358
It looks like Putin is making the correct calculation that the west would suffer more.
Look at the Chinese reaction, it is very unlikely he would be making this move without at least tacit Chinese support. He has an outlet for all of that energy and grain.
Where will Europe recover that supply from?
Oil is fungible to a significant degree, but oil politics are not.
The key balance here is with the Iranians and the saudis. In all likelihood the nato response hinges on how much support they can count in the Middle East.