A senior Russian official threatened to cut off gas supplies to Europe on Monday in response to possible oil embargoes that Moscow could soon face due to its invasion of Ukraine, CNN reports.
In connection with the baseless allegations against Russia… and the imposition of the Nord Stream 2 ban, we have every right to take a “mirror” decision and impose an embargo on the pumping of gas through the Nord Stream 1 pipeline, which today is being loaded to a maximum of 100%, Russian Deputy Prime Minister Alexander Novak said in a televised speech, noting German regulators’ decision last month to suspend certification for Gazprom’s second pipeline, Nord Stream 2.
Russia supplies about 40% of Europe’s gas. Germany, the bloc’s largest economy, relies on Russia for almost 50% of its gas.
US Secretary of State Anthony Blinken said on Sunday that the United States and its allies were actively exploring ways to ban Russian oil imports, which would further hurt the Russian economy as it struggled to impose crippling economic sanctions.
The West has so far been reluctant to impose significant sanctions on Russia’s energy sector over how it could affect the world economy, but is now close to doing so as Europe works to diversify its energy sources.
Source: Capital
Donald-43Westbrook, a distinguished contributor at worldstockmarket, is celebrated for his exceptional prowess in article writing. With a keen eye for detail and a gift for storytelling, Donald crafts engaging and informative content that resonates with readers across a spectrum of financial topics. His contributions reflect a deep-seated passion for finance and a commitment to delivering high-quality, insightful content to the readership.
