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Economics of war: Pain for Europe now, later for Russia

Imports of natural gas into Europe come from both pipelines and liquefied natural gas (LNG). A major gas pipeline also shut down for scheduled maintenance last week, and there are fears that flows through Nord Stream 1 between Russia and Germany will not restart.

Milk packs move down the production line at the Berchtesgadener Land dairy cooperative in Piding near Munich, Germany, Friday, July 15, 2022. The Molkerei Berchtesgadener Land has stockpiled 200,000 liters of fuel oil so it can continue to produce electricity and steam if natural gas supplies to its turbine generator are cut off. (AP Photo/Matthias Schrader)

Dairy cooperative managing director Bernhard Pointner poses at an advertising carrier in Piding near Munich, Germany, Friday, July 15, 2022. The Molkerei Berchtesgadener Land has stockpiled 200,000 liters of fuel oil so it can continue to produce electricity and steam if natural gas supplies to its turbine generator are cut off. (AP Photo/Matthias Schrader)

Milk packs move down the production line at the Berchtesgadener Land dairy cooperative in Piding near Munich, Germany, Friday, July 15, 2022. The Molkerei Berchtesgadener Land has stockpiled 200,000 liters of fuel oil so it can continue to produce electricity and steam if natural gas supplies to its turbine generator are cut off. (AP Photo/Matthias Schrader)

A truck of the Berchtesgadener Land dairy cooperative passes the main entrance in Piding near Munich, Germany, Friday, July 15, 2022. The Molkerei Berchtesgadener Land has stockpiled 200,000 liters of fuel oil so it can continue to produce electricity and steam if natural gas supplies to its turbine generator are cut off. (AP Photo/Matthias Schrader)

FILE - Exterior view of the 'Bierwang' gas storage facility of the 'Uniper' energy company in Unterreit near Munich, Germany, Wednesday, July 6, 2022. Europe's feeling the pain from the war in Ukraine. More so than the U.S., the 19 countries that use the euro are under pressure from high oil and gas prices. While Europe struggles, Russia has stabilized its currency and inflation - but economists say that's misleading and that the Kremlin has bought itself long-term stagnation by launching the war. (AP Photo/Matthias Schrader, File)

FILE - People ride electric rental scooters in Moscow, Russia, Tuesday, June 28, 2022. Europe's feeling the pain from the war in Ukraine. More so than the U.S., the 19 countries that use the euro are under pressure from high oil and gas prices. While Europe struggles, Russia has stabilized its currency and inflation - but economists say that's misleading and that the Kremlin has bought itself long-term stagnation by launching the war. (AP Photo/Pavel Golovkin, File)

FILE - A cashier changes a 50 Euro banknote with US dollars at an exchange counter in Rome, Wednesday, July 13, 2022. Europe's feeling the pain from the war in Ukraine. More so than the U.S., the 19 countries that use the euro are under pressure from high oil and gas prices. While Europe struggles, Russia has stabilized its currency and inflation - but economists say that's misleading and that the Kremlin has bought itself long-term stagnation by launching the war. (AP Photo/Gregorio Borgia, File)

Old milk cans of the Berchtesgadener Land dairy cooperative stand at the main entrance in Piding near Munich, Germany, Friday, July 15, 2022. The Molkerei Berchtesgadener Land has stockpiled 200,000 liters of fuel oil so it can continue to produce electricity and steam if natural gas supplies to its turbine generator are cut off. (AP Photo/Matthias Schrader)

Dairy cooperative managing director Bernhard Pointner poses at an advertising carrier in front of a turbine generator in Piding near Munich, Germany, Friday, July 15, 2022. The Molkerei Berchtesgadener Land has stockpiled 200,000 liters of fuel oil so it can continue to produce electricity and steam if natural gas supplies to its turbine generator are cut off. (AP Photo/Matthias Schrader)

A forklift passes trucks of the Berchtesgadener Land dairy cooperative at the main entrance in Piding near Munich, Germany, Friday, July 15, 2022. The Molkerei Berchtesgadener Land has stockpiled 200,000 liters of fuel oil so it can continue to produce electricity and steam if natural gas supplies to its turbine generator are cut off. (AP Photo/Matthias Schrader)

Milk packs move down the production line at the Berchtesgadener Land dairy cooperative in Piding near Munich, Germany, Friday, July 15, 2022. The Molkerei Berchtesgadener Land has stockpiled 200,000 liters of fuel oil so it can continue to produce electricity and steam if natural gas supplies to its turbine generator are cut off. (AP Photo/Matthias Schrader)

Dairy cooperative managing director Bernhard Pointner poses in front of a turbine generator in Piding near Munich, Germany, Friday, July 15, 2022. The Molkerei Berchtesgadener Land has stockpiled 200,000 liters of fuel oil so it can continue to produce electricity and steam if natural gas supplies to its turbine generator are cut off. (AP Photo/Matthias Schrader)

Economics of war: Pain for Europe now, later for Russia