Could Europe withstand a wholesale ban on Russian oil and gas? Europe may be hurtling toward a sudden halt of Russian gas, a scenario that would trigger energy rationing, higher inflation and a deep recession. A showdown over payment terms has already led Moscow to turn off taps to Poland and Bulgaria. With supply already tight, it won’t take much more to send energy markets into shock. Europe’s natural gas balance is “fragile and it remains just one supply disruption away from completely falling apart,” said Shikha Chaturvedi, an analyst at JPMorgan Chase & Co. Unless processes can be resolved to meet Kremlin demands while also steering clear of European Union sanctions, more countries are at risk of being shut off in coming days or weeks. Europe relies on Russian gas for one fifth of its electricity generation, and a minor disruption could quickly ripple across the continent. […]