Europe prepares to chill Turkey on Russian gas

Until six months ago, it was almost unthinkable that Moscow would cut off the gas supply to Berlin. Now, this scenario becomes the quintessential favorite.

Germany raised its state of emergency for gas to its second highest level on Thursday. The change was not unexpected – Russian gas giant Gazprom cut flows last week along the crucial Nord Stream 1 pipeline – but it signals Berlin’s growing concerns nonetheless. European liquefied natural gas and electricity prices, which surged last week, recorded further gains.

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Post expires at 12:37am on Monday July 4th, 2022