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Gas prices in Europe continue to soar in today’s trading amid geopolitical tensions around Ukraine due to Russia’s military operation, as well as fears of supply disruptions and the imposition of tough US and EU sanctions against Russia.
So, by 11:30 Moscow time, the cost of April futures in the European TTF hub in the Netherlands at the moment exceeded $3,700 per thousand cubic meters for the first time in history, RBC reports.
Later, the price of gas crossed the threshold of $3,800, Lenta.ru reports.
Prices for palladium also soared, which on Monday managed to renew its all-time high at $3,177 per ounce.
Meanwhile, the cost of aluminum on the London Metal Exchange (LME) soared to a new historical record, rising to $4,073 per ton (at its peak, $4,073,000), TASS notes.
Oil prices rose sharply tonight immediately after the opening of trading: the price of the benchmark Brent at the moment reached $139.13 per barrel for the first time since July 16, 2008, and the West Texas WTI brand — $130 for the first time since September 22, 2008. Oil approached record levels: the maximum price of Brent at $147.5, and WTI at $147.27 were reached on July 11, 2008, PRIME emphasizes.
World gold prices today crossed the $2,000 per ounce mark against the backdrop of a massive withdrawal of investors from risks due to aggravated geopolitical tensions.
Recall that on February 21, 2022, Russian President Vladimir Putin signed decrees recognizing the independence of the self-proclaimed Donetsk and Luhansk People’s Republics (DPR and LPR), and on February 24 he made an emergency appeal to the Russians and announced a special military operation in Donbass. In his speech, he stated that “circumstances require decisive action from Russia” and stressed that “Russia will not allow Ukraine to have nuclear weapons.”
In response to Russia’s actions, Western countries (USA, Canada, European Union, Great Britain, Japan) announced new, tougher sanctions against the Russian Federation, including financial and economic ones.
In particular, Russian banks fell under the sanctions, including Sberbank, VTB, Novikombank, FC Otkritie and Sovcombank, and for a number of state-owned companies it was difficult to attract foreign capital.
Later, the EU countries and the United States agreed to disconnect Russian banks that fell under sanctions from the international system of interbank transactions and information exchange SWIFT. In addition, it was decided to freeze the assets of the Bank of Russia, which will create difficulties for its use of international reserves. EU countries also pledged to take steps to limit the sale of citizenship — the so-called “golden passports” that allow wealthy Russians connected to the Russian government to become citizens of EU states and gain access to their financial systems. In addition, the European Union, the United States, Canada and a number of other countries have closed the sky for Russian aircraft.
You can follow the chronicle of events around Ukraine here.
Source: Rosbalt
Tristin is an accomplished author and journalist, known for his in-depth and engaging writing on sports. He currently works as a writer at 247 News Agency, where he has established himself as a respected voice in the sports industry.
