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The cost of gas in Europe in the course of today’s trading several times updated historical highs, having already exceeded $3,000 per thousand cubic meters, the Kommersant newspaper reports.
So, by 11:00 Moscow time, the price of the April futures on the TTF hub in the Netherlands soared to $3,017.5.
Moreover, exchange quotes are jumping up rapidly today, overcoming psychological barriers one after another: having started trading from an increase to $2,500, the price of gas has consistently and sharply changed to $2,600, $2,700 and further with an increase of a hundred.
Gas in Europe rises in price following oil, which at night reached $139.13 per barrel.
As Interfax notes, in addition to the difficult geopolitical situation around Ukraine due to the Russian military operation (the market believes that the risks of this direction are growing every day), a drop in temperature and a sharp reduction in electricity generation from renewable sources are recorded in Europe this week – wind generation.
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.
