Major Russian Gas Producer Cuts Off Gas To Bulgaria And Poland Amid Ukraine Invasion

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Major Russian Gas Producer Cuts Off Gas To Bulgaria And Poland Amid Ukraine Invasion

The major Russian gas producer Gazprom has cut Bulgaria and Poland off from gas imports after both nations refused to pay for the gas in Russian roubles, which the Russian regime has demanded following the impositions of sanctions upon Russia following their brutal invasion of Ukraine.


The move has caused gas prices to rise dramatically, and it is believed that many more European nations could soon be cut off, leading to an energy crisis across the continent.


In response, the European Commission has accused Moscow of blackmail but has released information that may mean that gas buyers could continue buying gas by circumventing sanctions. Many supporters of Ukraine have strongly urged countries to stop buying Russian oil and gas as a means of halting the Russian ability to continue waging war.


Currently, Russia supplies about 40% of Europe's gas for consumption though many nations have now vowed to wean themselves off from the gas and end all imports by the end of the year.


The Russian state has said the huge financial sanctions imposed on the nation and the potential to stop buying gas are acts of war. However, the Bulgarian Prime Minister hit back, saying:


"We will not succumb to such blackmail."


Germany believes that if Russia immediately cut off its gas supply that the country would enter a deep recession and some financial institutions are now saying that there are strong incentives for nations to work around the Russian demand for roubles.


In a statement banking, giant Goldman Sachs said:


"Today’s events can work as an added incentive for the EU, especially Germany, to find a way to work out a rouble payment mechanism given the significant economic toll a halt in gas flows would have in the region."


While Helima Croft, head of global commodity strategy at RBC Capital Markets, said that the crisis could:


"Quickly become a stark test of European resolve to support Ukraine in the face of surging energy prices and rising recession risks".


Many European states are looking towards importing liquified natural gas from the Middle East as a way to satisfy their need for gas in the future, while many others are now ramping up their green energy projects, which would stop the long-term reliance on Russian energy.


[Based on reporting by: Reuters]


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Thinking Humanity: Major Russian Gas Producer Cuts Off Gas To Bulgaria And Poland Amid Ukraine Invasion
Major Russian Gas Producer Cuts Off Gas To Bulgaria And Poland Amid Ukraine Invasion
The major Russian gas producer Gazprom has cut Bulgaria and Poland off from gas imports after both nations refused to pay for the gas in Russian roubl
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