Growing Fears In Europe About A Total Shutdown Of Natural Gas From Russia

 

CNBC: Putin is squeezing gas supplies. And Europe is getting seriously worried about a total shutdown 

* European leaders are growing increasingly concerned about the possibility of a full shutdown of gas supplies from Russia. 

* Europe — which receives roughly 40% of its gas via Russian pipelines — is trying to rapidly reduce its reliance on Russian hydrocarbons. 

* When asked if he was concerned that Russia could fully cut gas supplies, Luxembourg Prime Minister Xavier Bettel told CNBC: “I’m fully aware that they can ... It’s their choice.” 

BRUSSELS — European leaders are growing increasingly concerned about the possibility of a full shutdown of gas supplies from Russia, with Italy asking for a new meeting to debate the matter. 

Gazprom, Russia’s state-backed energy supplier, has reduced its gas flows to Europe by about 60% over the past few weeks, prompting Germany, Italy, Austria and the Netherlands to all indicate they could turn back to coal once again. 

It comes as Europe — which receives roughly 40% of its gas via Russian pipelines — tries to rapidly reduce its reliance on Russian hydrocarbons in response to the Kremlin’s nearly four-month-long onslaught in Ukraine. 

“Russia is diminishing the supply of gas little by little — to some countries [by] almost 100%; to others, cutting 10, 15%,” Josep Borrel, the EU’s top diplomat, told CNBC Friday.  

Read more .... 

WNU Editor: Germany is preparing for a disaster this winter .... Germany says its energy crisis may trigger Lehman-like contagion as the country moves a step toward to natural-gas rationing (Insider).  

Update: Even with lower gas flows, Russia is making record amounts of money .... Russia’s Revenues From Gas Still High Despite Supply Cuts To Europe (OilPrice.com). 

Growing Fears In Europe About A Total Shutdown Of Natural Gas From Russia  

EU plans for life without Russian gas amid inflation spike -- Reuters  

EU leaders tackle inflation, energy shocks from Russia's war -- AP  

EU seeks urgent solution amid Russian 'weaponization' of gas -- DW  

Analysis-Running short of gas: Russia's pipeline repair has Europe worried -- Reuters