The question is, why didn't Europe secure energy supply before inflicting self-sanctions?
When Europe sanctions Russia, they're literally sanctioning themselves.
Why not limit their energy sanctions initially, supply arms to Ukraine, and then plan to get off Russian gas completely over the next 5 years for example?
The need to appease the public immediately seems to have done just as much pain to EU as Russia.
Interesting way to frame the issue. FWIW, I would have gone with "the need to inflict actual repercussions on Russia for invading a neighbor and slaughtering civilians."
Not hard to believe the European public takes issue with that, so close to home.
But even before the war, there were gas shortages. Part of gas was delivered based on long-term contracts, part based on spot contracts, and while Russia delivered enough gas to satisfy long-term contracts, it offered less gas to the market so spot price risen.
After the war, there were some interruptions or limitations of gas delivery from the Russian side (blamed on not having enough spare parts to maintain gas pipelines).
This is not entirely correct - the sanctions hurt EU incomparably more than it hurt Russia. Russia still sells it's natural gas and oil without any issues. Business got it's skyrocketing profits, populace in EU got their excuse why they should pay more and suffer in winter, corrupted EU politicians got a scapegoat for their corrupted and irresponsible monetary policies.
Nothing to see here, happened many times over course of history.
EU politicians do not set monetary policy. Central bankers do.
You are right - monetary policies are set by ECB but that's beyond the point of my comment
It estimated that given the rate at which gas was being imported, a cold winter could easily use up all gas in storage. Fortunately last winter was rather mild.
"The International Energy Agency (IEA) estimated that 50 percent of the deficit in European storages was due to the depletion of Gazprom-owned storages, despite the fact that Gazprom only owned 10 percent of European storages. This rapid draining of storages left European gas storage dangerously low at the height of winter, increased market panic, and further inflated gas prices."
https://www.atlanticcouncil.org/blogs/energysource/gazprom-s...