Highlights

  • EU natural gas prices surged to record high on concerns
  • Europe sources 40% of gas needs from Russia

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Russia war latest: Russia threatens to shut off gas, markets tremble as prices sky rocket

Russia could cut gas supplies via the Nord Stream 1 pipeline to Germany, but it has not made such a decision yet, Deputy Prime Minister Alexander Novak said on Monday.

Russia war latest: Russia threatens to shut off gas, markets tremble as prices sky rocket

Russia war latest: In a move that would make EU's largest economy literally shiver, Russia threatened to cut gas supplies via the Nord Stream 1 pipeline to Germany as a response to the sanctions

In a broadcast on the state television Deputy Prime Minister Alexander Novak said “We have every right to take a matching decision and impose an embargo on gas pumping through the Nord Stream 1 gas pipeline.”

Talks of supply hit has sent EU gas prices soaring, up over 30% in a single day hitting record high. Roughly 40% of EU gas imports and one quarter of its oil come from Russia.

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