Some European plants have shut down due to soaring global energy prices and unreliability of Russian gas supplies, the Wall Street Journal reported.

High energy costs, caused in part by the war in Ukraine, are preventing European plants from competing with countries where energy prices are lower. According to the WSJ, natural gas is three times more expensive in Europe than in the United States.

Energy prices have reached a 13-year high after rising 50 percent in 2022.

Energy-intensive industries such as steel, chemicals and fertilizers are closing their European plants amid rising costs and fears that Russia may cut off supplies, the WSJ reported.

Europe is preparing to ration gas if supplies from Russia stop. Russian gas supplies to Finland, Bulgaria and Poland have already been halted by state-owned PJSC Gazprom after the countries refused to pay for gas in rubles.

Much of Europe's industry depends on cheap Russian oil and natural gas. According to the EU, Russia supplied about 40 percent of natural gas to the European Union in 2021. Germany, the region's largest economy, is one of the most dependent on Russian gas.

Europe is also one of the biggest buyers for Russia. Europe accounted for 50 percent of Russia's crude oil exports and 75 percent of natural gas exports in 2021. In the first two months of the war in Ukraine, the EU accounted for 70 percent of the country's exports.