Moscow: Russia has threatened to cut off natural gas supplies to Europe via Nord Stream 1. Several countries have imposed sanctions on Russia in the wake of military action against Ukraine. Moscow’s move is in response to this. It is estimated that if Russia takes such a step, it could lead to a sharp rise in energy prices.
Russia has said it has the right to take action that reflects the damage done to Russia’s economy. Alexander Djokovic, the caretaker Prime Minister and Minister of Power, made the remarks in a televised address on Monday evening. He added that the decision to close Nord Stream-1 has not yet been made and is currently operating at full capacity.
The European natural gas market was shaken yesterday by concerns that supply from Russia could be disrupted. As a result, prices have risen by as much as 80 per cent at one point. Russia’s statement came after this.
Most European countries depend on energy supplies from Russia. Therefore, this energy dependence is an important factor in determining the responses of European countries to the issue related to the Ukrainian occupation.
Last month, Germany decided to postpone the $ 11 billion Nord Stream 2 pipeline project. In addition, the EU says it plans to reduce its dependence on Russia for energy needs by about 80 percent this year. The authorities had made it clear.