As mentioned earlier, for some context, Europe sees roughly 30% of oil and 39% of gas supplies from Russia itself. A scenario in which those supplies are shut out entirely would be unfathomable. There will be no quick solutions and European energy prices are just going to skyrocket even more than they have in the past week or so.
The ECB will then have a major headache in dealing with inflation pressures and consumers will have to buckle down and endure the pain of surging power costs.
