Russia has been cutting gas supplies to Europe for almost a year. The result is rising prices, making Russia more profitable on gas, even though it exports less to Europe. Since the start of the war, European countries have paid Putin € 62 billion for fossil fuels. European gas prices have jumped five times since last autumn as a result of Vladimir Putin’s moves. The last time this happened was last week, when Russia significantly reduced gas supplies to Europe via Nord Stream 1. Delivery prices for the next month on the Dutch reference exchange TTF therefore rose on Thursday from 83 to 124 euros per megawatt-hour. The Kremlin’s official argument for reducing supplies is a turbine at a compressor station on the Russian side of the Baltic Sea, which is delayed due to sanctions. But Russia has other routes and little flows through them. In addition, the tightening of the taps comes in the context of several events that Putin may not like. For example, the journey of European leaders to Kyiv or the armaments of Ukraine. This also suggests that this is an excuse on the part of the gas power. And finally, this is not the premiere in the last year. Summarizing all of Putin’s actions, it looks like their goal is to artificially inflate prices. In short, there are 5 Russian moves that pulled gas six times the level of storage in Europe in a single year, the closure of the Jamal gas pipeline, the attack on Ukraine, the demand for payments for the ruble, the shortening of maintenance supplies. You need at least a standard subscription to read. Are you a subscriber? Sign in
Welcome! Log into your account
Recover your password
A password will be e-mailed to you.