European Union countries approved a weakened emergency plan to curb their gas demand, after striking compromise deals to limit the cuts for some countries, as they brace for further Russian reductions in supply
With a dozen EU countries already facing lower Russian supplies, Brussels is urging member states to save gas and store it for winter for fear Russia will completely cut off flows in retaliation for Western sanctions over its war with Ukraine.Energy ministers approved a proposal for all EU countries to voluntarily cut gas use by 15% from August to March.
Russia's Gazprom has blamed its latest reduction on needing to halt the operation of a turbine - a reason dismissed by EU energy chief Kadri Simson, who called the move "politically motivated". Countries that meet an EU target for filling gas storage by August could face weaker targets - softening the cuts for roughly a dozen states, including Germany and Italy, based on current storage levels.
"Everyone understands that when someone asks for help, you have to help," Spanish Energy Minister Teresa Ribera said on Tuesday. On Tuesday, the benchmark front-month Dutch contract rose more than 10% and is around 430% higher than a year ago.
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