Energy

Putin’s new gas squeeze condemns Europe to recession and winter of rationing

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Europe has previously received around 45% of its annual gas supplies from Russia.

Leonhard Foeger | Reuters

Europe’s descent into an economic contraction looks to have been confirmed with Russia squeezing natural gas supplies to the bloc and heavy industry facing tough rationing in the coming months.

Just days after Europeans breathed a sigh of relief as Russian gas giant Gazprom announced that it would resume supplies through the Nord Stream 1 pipeline, it then announced Monday that flows would be reduced yet again.

The announcement, with Gazprom saying it would be for maintenance of a turbine along the pipeline, was greeted with incredulity and condemnation in Europe.

Ukraine’s President…



Source cnbc.com

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