By Chrysostomos Tsoufis
Russia responds to Western sanctions with its own sanctions and three moves tightened the … energy noose around Europesending the price of gas up again.
Russia’s Gazprom has announced that stops gas exports via Poland and the Yamal pipeline, while reducing overall quantities to Europe by 30%. We had reduced quantities yesterday by 18%.
In his remarks, Vladimir Putin stressed that Russia was in fact forced to make these moves because of the sanctions imposed by the “Russophobic” West, which he described as short-sighted and harmful to Western economies.
In addition, GAZPROM completely closed the taps for its former subsidiary but now state-owned company, GAZPROM GERMANY with Vice Chancellor Robert Habek talking about instrumentalization of energy by the Kremlin.
A new “front” is opening in Finland
According to information from the Finnish press, Finland may also take a turn tomorrow. The country’s political system has already been informed by Russia that the taps may close in response in the country’s request for NATO membership.
As expected, the price of gas skyrocketed again. With a jump of up to 20% reached a breath before 115 € / Mwh before falling around € 105.
These developments further increase the pressure on Europe to become independent of Russian energy. A Europe that for days can not agree on the 6th package of sanctions with the embargo on Russian oil to be the elephant in the room. And a Europe that has not yet clarified what applies to Putin’s decree on payments in rubles and as the third ten days of May approach, for which payments to GAZPROM are scheduled.
Twenty European companies pay in rubles
According to Bloomberg, already 20 European companies have opened double accounts in euros and rubles in Gazprombank fully comply with Russian requirements. 14 more have requested the necessary documents to open them. The Prime Minister of Italy Mario Draghi himself stressed that it is possible to pay in rubles without violating the sanctions. The Commission, however, solemnly denied it, intensifying the prevailing confusion.
In this climate, all the major stock market indices around the world were painted … red, as the analyzes that are now openly flirting with the word recession increase ..
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