Arctic temperatures in Russia have forced Gazprom to divert gas supplies away from European markets to serve a surge in energy demand on the home front. At least that’s what the European Union is saying.
Gazprom (GAZP:MCX) claims it is exporting even more gas than usual to help Europe through an abnormally cold snap as freezing winds blow west from Siberia. It says that if there are any shortages they are caused by Ukraine filching EU-bound gas from transit pipelines.
In other circumstances this could be a nightmare scenario for Europe that depends on Gazprom for about one fifth of its gas supplies. Most Russian gas exports are transported through Ukrainian pipelines leaving Europe vulnerable when Moscow and Kiev spar over transit terms.
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