- European Union countries bracing for further cuts in Russian gas supply on Tuesday approved a weakened emergency plan to curb demand, after striking compromise deals to limit reductions for some countries.
- Europe faces a tighter gas squeeze from Wednesday, when Russia’s Gazprom (GAZP.MM) has said it would cut flows through the Nord Stream 1 pipeline to Germany to a fifth of capacity.
- read moreWith a dozen EU countries already facing lower Russian supplies, Brussels is urging member states to save gas and store it for winter, fearing Russia will completely cut off flows in retaliation for sanctions over the Ukraine war.
European Union countries bracing for further cuts in Russian gas supply on Tuesday approved a weakened emergency plan to curb demand, after striking compromise deals to limit reductions for some countries.
Europe faces a tighter gas squeeze from Wednesday, when Russia’s Gazprom (GAZP.MM) has said it would cut flows through the Nord Stream 1 pipeline to Germany to a fifth of capacity. read more
With a dozen EU countries already facing lower Russian supplies, Brussels is urging member states to save gas and store it for winter, fearing Russia will completely cut off flows in retaliation for sanctions over the Ukraine war.
Energy ministers agreed a plan calling on all EU nations to voluntarily reduce their gas consumption in the months of August through March by 15% from the average for the years 2017 through 2021.
In the event of a supply shortage, the cuts might become legally mandatory if the majority of EU nations concur. However, members decided to exclude a number of businesses from the mandatory 15% decrease.
The agreement, according to German Economy Minister Robert Habeck, will demonstrate to Russian President Vladimir Putin that Europe is still one. Habeck retorted, “You won’t split us.”
Only Hungary opposed the agreement, according to two EU officials.
Volodymyr Zelenskiy, the president of Ukraine, claimed that Russia was shutting off supplies in order to impose “price terror” on Europe.
Energy ministers agreed a plan calling on all EU nations to voluntarily reduce their gas consumption in the months of August through March by 15% from the average for the years 2017 through 2021.
In the event of a supply shortage, the cuts might become legally mandatory if the majority of EU nations concur. However, members decided to exclude a number of businesses from the mandatory 15% decrease.
The agreement, according to German Economy Minister Robert Habeck, will demonstrate to Russian President Vladimir Putin that Europe is still one. Habeck retorted, “You won’t split us.”
Only Hungary opposed the agreement, according to two EU officials.
Volodymyr Zelenskiy, the president of Ukraine, claimed that Russia was shutting off supplies in order to impose “price terror” on Europe.
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