Eurasia Group expects a 40% drop in Russian gas flows to Europe for the whole of 2022.

"Even if Nord Stream 1 returns to normal levels, Moscow may cut supply elsewhere, possibly through the pipelines transiting Ukraine," it said in its note.

"This strategy is probably aimed at inflicting economic damage on Europe in retaliation for its sanctions while still generating revenue for Moscow."

The prospect of a total shut off of Russian gas is a "likely scenario," according to EU Commission President Ursula von der Leyen.

Such a move would spell disaster for the region as it tries to fill its gas storage facilities ahead of the winter. Stores are currently close to 65% of their capacity. That's still a way off the 80% target the bloc has set for countries to reach by November.

"Russia is calculatedly trying to put pressure on us by reducing the supply of gas," von der Leyen said at a Wednesday press conference to unveil the Commission's new emergency gas rationing plan.

Eurasia Group expects a 40% drop in Russian gas flows to Europe for the whole of 2022.

"Even if Nord Stream 1 returns to normal levels, Moscow may cut supply elsewhere, possibly through the pipelines transiting Ukraine," it said in its note.

"This strategy is probably aimed at inflicting economic damage on Europe in retaliation for its sanctions while still generating revenue for Moscow."

The prospect of a total shut off of Russian gas is a "likely scenario," according to EU Commission President Ursula von der Leyen.

Such a move would spell disaster for the region as it tries to fill its gas storage facilities ahead of the winter. Stores are currently close to 65% of their capacity. That's still a way off the 80% target the bloc has set for countries to reach by November.

"Russia is calculatedly trying to put pressure on us by reducing the supply of gas," von der Leyen said at a Wednesday press conference to unveil the Commission's new emergency gas rationing plan.