Gazprom Declares Force Majeure on European Gas Buyers A halt of Russian gas supplies to the European Union could potentially reduce its gross domestic product by as much as 1.5% if the next winter is cold and the region fails to take preventive measures to save energy, according to new estimates from the bloc. The European Commission is set to warn that, in the event of an average winter, a cut-off of gas shipments from Moscow would reduce the GDP by between 0.6% and 1%, says a draft EU document seen by Bloomberg News. It’s also planning a set of recommendations to member states — including reductions to heating and cooling use and some market-based measures — to offset the impact of a possible full disruption by Russia, its biggest source of imports. That measure will be voluntary, and governments will be told to report back in September with […]