European gas prices climbed sharply this week following the European Union’s latest sanctions on Russia, which include a ban on importing Russian liquefied natural gas (LNG).

According to Reuters, prices on the Dutch TTF exchange rose by 3.1% to €32.75 per megawatt hour, briefly touching €32.88 — the highest point since October 7. Despite the recent surge, gas remains about 27% cheaper than at the beginning of the year and 18% lower than the same period in 2024.

The increase was driven not only by the new sanctions but also by higher global oil prices after Washington imposed penalties on major Russian oil producers. Forecasts of colder weather across northwestern Europe further added pressure on prices, while Norwegian gas output dropped by six million cubic meters due to an outage at the Oseberg field.

EU gas storage levels are currently around 83%, a decline from over 95% a year ago, though Poland’s reserves remain full. Analysts warn that the combination of reduced supply, upcoming winter demand, and ongoing geopolitical tensions could keep Europe’s energy markets unstable in the coming weeks.