How vulnerable are European gas supplies to the Ukraine crisis?

Today’s announcement that both sides have agreed on a ceasefire should help to ease tensions inUkraine and move the government and rebels towards a sustainable peace deal. Admittedly, we havealready seen a number of ceasefires break-down quickly after they have been signed and the EU seemsset to press ahead with further sanctions against Russia. However, even if this ceasefire proves to beineffective, we think that the risks to European gas supplies are still relatively small.