EU says full Russian gas halt would slash GDP

A full cut-off of Russian gas supplies to Europe, combined with a cold winter, could reduce the average EU gross domestic product by up to 1.5% if countries do not prepare in advance, the European Commission said on Wednesday.

The European Union executive proposed a voluntary target for member states to cut gas use by 15% until March, to prepare for potential further gas cuts from Russia. It said a full Russian cut-off in an average winter could reduce average EU GDP by up to 1% if countries fail to prepare.