Italy would be able to weather a complete breakdown in gas supplies from Russia in the short-term, Prime Minister Mario Draghi said on Tuesday, adding that such a scenario would make following winters more difficult.

The Italian government was also ready to provide additional support to families and businesses as Russia’s invasion of Ukraine and ensuing disruption to trade ties drove up energy prices further, Draghi told parliament.

Italy was seeking to reduce its reliance on Russia which supplies more than 40% of the gas that it imports.

“Our forecast is that we will be able to absorb any peaks in demand from what we have in storage or other import sources,” Draghi said, referring to the current situation, with the crunch eased by milder spring temperatures.

Italy was also working to increase supplies from other countries such as Algeria and Azerbaijan, as well as making greater use of liquified natural gas terminals, Draghi added.

Foreign Minister Luigi Di Maio said a visit to Algeria on Monday to seek an increase in gas supplies from the country had yielded good results.
Source: Reuters (Reporting by Crispian Balmer Writing by Keith Weir; Editing by Agnieszka Flak)