Russia cuts EU gas

Putin: “Europe has nothing to fear” European Union leaders denounced Russian actions today as “completely unacceptable” after gas supplies via the Ukraine were reduced by 70 per cent, resulting in immediate shortfalls.
But there is little the EU can do, especiallyif oil prices remain high. If the action continues, the gas Grid may fail to meet demand in many EU states, including the UK and Ireland.
About 80 per cent of EU imports of Russian gas are transited across Ukraine. And a cold snap across the continent has reduced stockpiles. Worries about the gas supplies, coupled with Israel’s military operation in Gaza, have pushed oil up to a three-week high close to $50 a barrel. Russia, whose main export is oil, stands to benefit for a recovery in prices,
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