The year 2022 exposed both dramatic structural weaknesses and the astonishing adaptability of Europe’s energy sector. With Russia’s invasion of Ukraine it became clear that Europe’s dependency on energy imports from Russia are not a theoretical issue, but a grave strategic liability. Russia tried to exploit this vulnerability by emptying EU storage sites over the summer of 2021, leaving the EU in need of extra 33 bcm to refill its storage facilities. Russia then reduced its gas exports to the EU by 86 bcm (60%) in 2022. The EU coped by reducing the gas demand by more than 10% and almost doubling its liquefied natural gas (LNG) imports.,The Why Axis is a weekly newsletter distributed by Bruegel, bringing you the latest research on European economic policy.