Gas Prices Soar As EU Considers Additional Russia Sanctions
The EU has been considering new sanctions against Russia after the Russian government refused to negotiate a ceasefire. The potential new measures could include closing trust fund loopholes, stopping Russian ships from docking in EU ports, and cutting access to the SWIFT global messaging system for more banks. The oil industry is the most complex sector to sanction. And each member state has its own red lines.
As a result, gas prices in Europe have risen sharply this morning. The reason is the tension between EU and Russia over the price of Russian gas. Putin threatened to halt contracts unless European countries agreed to pay in roubles. Germany and Italy have said that this demand is ridiculous. In the past few days, gas prices have soared in the UK and across Europe by as much as 5pc. The UK has seen gas prices rise by 18pc today, while the rest of Europe has been hit by lower prices.
As a result, the EU has been considering new sanctions against Russia. A recent report has warned that the EU will be forced to cut natural gas supplies to the European continent if the Kremlin fails to cooperate with the bloc. The European Union is currently discussing the idea of further sanctions against Russia. It is likely to discuss new measures against Russian coal and oil. German defence minister Wolfgang Schäuble has urged the bloc to stop buying Russian gas until they agree on new sanctions.
The EU has also taken action against the Russian government over its alleged meddling in Ukraine. Earlier this year, the European Commission imposed a ban on EU companies exporting high-tech products to Russia. As a result, gas prices in the EU are rising again. However, a new round of sanctions is unlikely to be imposed until the EU and Russia have agreed on new sanctions.
On Tuesday, the European Union voted to suspend payments to Gazprom in euros to force the company to stop exporting Russian gas. On Wednesday, the EU imposed new sanctions against six Russians. The bloc is expected to approve the new measures on Thursday, but it remains unclear whether they will have any effect on gas prices. The United States, however, is in no hurry to implement new measures against Russian energy.
In addition, the European Union will continue to monitor the price of gas. In addition to the EU imposing sanctions on Russian energy, the EU is considering new measures to stop the import of Russian gas. The US and the EU are considering possible new measures to force Russian gas prices to drop. The US is also threatening to impose new economic penalties on the EU if it does not act by Monday.