Following a meeting with European Commission President Ursula von der Leyen in Brussels, President Joe Biden announced a new task force between the US and EU with a "joint game plan" to quickly reduce Europe's dependence on Russian gas

"The only commodity that can help solve the energy crisis in Europe in the short term is coal," said Sveinung Stohle, deputy CEO of Greek-based shipping company Angelicoussis Group. "Like it or not, coal will play a very important role."

Germany and Hungary are putting the brakes on a potential EU embargo on Russian oil,

Russia accounts for about 40% of the European Union’s gas demand, and about a third of those shipments transit Ukraine.

Compared to last year, the period from March 1 through March 15 saw increases in supplies to nine European countries, for instance, Italy (+51.7 per cent), Poland (+71.8 per cent), Croatia (+110.9 per cent), Greece (+34.6 per cent), Bulgaria (+24.4 per cent), as well as Turkey (+21.1 per cent).

The European Commission said in a statement on Tuesday that the sanctions included "a far-reaching ban on new investment across the Russian energy sector".

Azerbaijan is willing to increase its gas supply to Europe via Turkey amid persisting concerns over natural gas supplies after Russia's invasion of Ukraine,

"Russia remains a reliable supplier, a world-class guarantor of energy security. We value this reputation, but are ready for a harsh confrontation in the energy sector, if the need arises,"

As it stands, Russia supplies some on average 1,600TWh of gas per year to Europe which represents 40% of Europe’s needs.

But events in Europe may cause a rethink about natural gas, both as a transition fuel in the United States and a foreign policy tool.