Europe will remain heavily reliant on Russian gas for at least until the 2020s and potentially much longer due to the lack of an alternative, according to a report from Fitch Ratings.

The substitution of Russian gas is not expected, given the weak prospects for shale gas production, the lack of available imported liquefied natural gas (LNG) and the absence of significant pipeline projects in Europe which are independent from Russia, the rating agency says in the report released on Tuesday.