A spike in gas prices in Europe has wreaked havoc on Russia-US security talks amid growing supply concerns.
Russia said Thursday that this week’s talks with the United States and NATO had not allayed its security fears, raising doubts about the prospect of Russian military action against Ukraine.
According to the Financial Times, the news pushed the European benchmark contract for gas almost 25% higher in the last two sessions, reaching 90 euros per megawatt hour.
Traders fear that these geopolitical tensions will limit Russian gas exports to the continent, just as reserves have shrunk to the lowest level ever recorded at this time of year.
On Thursday, European Competition Commissioner Margaret Vestager said Gazprom’s decision to cut off gas supplies despite rising demand was “considered provocative” and forced regulators to ask suppliers, including the Russian giant. .
“We have asked questions to several energy suppliers in this area. We have received many responses but we are still waiting for others, including Gazprom. “We are looking forward to the data from them in order to proceed with our analysis,” the European Commissioner said during a press conference.
Financial Times
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