The Arctic weather is the first real test of Europe’s resiliency this season as it faces a historic energy crisis, with Russia curbing gas supplies to the region.

Russia gradually choked its gas supply to Europe through 2022, ending deliveries via Yamal-Europe and Nord Stream, and sharply cutting exports via Ukraine.

Russia is traditionally among the world’s top three coal exporters, though the industry accounts for just a sliver of the Russian economy.

Gas prices are four times higher than normal for this time of year, fueling inflation and hurting economies.

With Russia cutting most of its gas supplies to Europe in the fallout over Moscow’s war in Ukraine, the continent is set to delve further into its stockpiles that it has spent months accumulating.

The EU aims to end its reliance on Russian fossil fuels by 2027. For now, Moscow’s move to halt supplies through the main Nord Stream 1 pipeline has led the bloc to increase shipments of Russian seaborne gas by around 50 per cent.

The European Union needs additional funds to decouple from Russian gas and shield companies and households from the current energy crisis,

Since Russia’s full-scale invasion of Ukraine in February 2022 and the reduction in natural gas pipeline imports from Russia that followed, European countries have reactivated development of previously dormant regasification projects and have started development of new projects.

Qatar, one of the world's largest LNG exporters, has been courted by European countries, including Germany and the UK, in recent months as they seek improved gas supply security amid stubbornly high prices.

The 27 EU member states are trying to hammer out an agreement that can be implemented by the end of the year. The commission on Tuesday proposed to limit the price of the upcoming contract on the TTF market. TTF accounts for around four-fifths of gas trading in the bloc.