The energy markets in Europe have been in stress with the price of natural gas and power unusually high. The current tensions between Russia and Ukraine are adding to the stress in the markets and Europe’s dependency on natural gas is an important factor in the situation. In the attached, we analyze the potential impact of a further escalation and the role LNG and other potential sources of gas supply could play in mitigating an interruption of gas from Russia. This is not intended to be a comprehensive analysis but attempts to use our expertise to provide insight beyond the daily headlines.