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In a dramatic turn of events, European gas prices experienced a staggering surge of 24 percent after Russian energy titan Gazprom took the decision to halt gas supplies to Poland and Bulgaria, Your Content has learned.
This drastic measure came as a response to the two nations’ failure to fulfill their payment obligations in roubles, a demand stipulated by President Vladimir Putin just last month.
The withholding of gas from Poland and Bulgaria represents Russia’s most stringent reaction yet to the weighty sanctions imposed by Western powers.
Since the onset of Putin’s military intervention on February 24th, these two countries mark the first to bear the brunt of Russian supply cuts.
Putin’s directive to Western nations mandated that payment for Russian gas from Gazprom be made exclusively in roubles, serving as a direct response to the sanctions.
Although other nations deemed as ‘unfriendly’ have also resisted adopting the rouble as their payment currency, only Poland and Bulgaria have suffered the consequences of severed gas supplies by the state-owned Gazprom, the world’s leading natural gas supplier.
Expressing their discontent, Poland and Bulgaria have affirmed their intent to reduce their reliance on Russian gas, which currently accounts for approximately 40 percent of Europe’s gas consumption.
Consequently, European gas prices soared by up to 24 percent following Russia’s decisive action.
This recent move by Moscow exemplifies their ongoing employment of gas as a potent weapon in a conflict that has now entered its third month, according to Bloomberg.