From ReutersGraphics: The crisis in Ukraine tests Europe’s dependence on Russian gas against Russia’s dependence on European energy customers via Da_Pacific, Samuel Granados and OvaskaOvaska
As the crisis between Russia and the West deepens on the borders of Ukraine, Europe and Russia’s long interdependence on one another for energy has become a critical bargaining piece on both sides.
At the end of January, S&P Global Platts Analytics estimated that a complete suspension of Russian gas flows into Europe was a “highly unlikely scenario”, but even small disruptions against the backdrop of a post-pandemic global gas reserve shortage and steeply rising prices could cause deep pain for European energy markets and downstream consumers.
With its abundant gas reserves, the proximity of its oilfields and an extensive existing pipeline network, Russia dominates the EU’s gas market at about 38% of total supply. Norway, the bloc’s next largest source of natural gas, accounts for half that, just 19% of the market. But if shutting off the gas entirely isn’t as likely, European politicians and energy markets experts have accused Russia of deliberately holding back on supply across some pipeline networks to put pressure on Germany and the European Union to finalise the Nord Stream 2 project.
That volatility in Europe spread across global markets after the U.S. warned last week that a Russian invasion of Ukraine could come “any day”. Russia has agreed a 30-year contract to supply gas to China via a new pipeline and will settle the new gas sales in euros, bolstering an energy alliance with Beijing amid Moscow's strained ties with the West over Ukraine and other issues.
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Russia-Ukraine live updates: Russian parliament asks Putin to recognize DonbasLATEST: Top cybersecurity officials from the U.S. Department of Homeland Security and the FBI have warned of potential attacks on American cyber infrastructure in concert with a physical invasion of Ukraine, according to a source familiar with the matter.
Read more »
Russia-Ukraine live updates: Biden says Russian troops remain in 'threatening position'Pres. Biden says Russian invasion of Ukraine could impact energy prices. “I will not pretend this will be painless…We’re preparing to deploy all the tools and authority at our disposal to provide relief at the gas pump.”
Read more »
U.S. troops in Poland are preparing to help refugees if Russia invades UkraineMore than 3,000 U.S. troops recently deployed to Poland are preparing to assist refugees who flee Ukraine in the event of a Russian invasion.
Read more »
Ukraine president walks back statement that Russia will attack WednesdayUPDATE: Ukraine president walks back statement that Russia will attack Wednesday. A previous tweet saying President Zelenskyy heard Russia would attack his country on Feb. 16 has been deleted.
Read more »
Fresh arrival of war troops, machines near Ukraine-Russia border escalate risk-off moodFresh arrival of war troops, machines near Ukraine-Russia border escalate risk-off mood By anilpanchal7 RiskAppetite RussianFederation NewsTrading YieldCurve Gold
Read more »
Analysis: Aviation fears grow over Russia fallout from Ukraine crisisAirlines and the leasing companies that control billions of dolllars' worth of passenger jets are drawing up contingency plans for a freeze in business with Russia if the standoff on Ukraine's border boils over into a military conflict.
Read more »