Latest News

Germany Activates Gas Emergency Plans, Fearing Russian Supply Cut


© Reuters

By Geoffrey Smith — Europe’s largest economy braced for a cut-off of Russian gas supplies on Wednesday, activating the first phase of a national emergency plan.

The move comes two days ahead of a deadline set by Russia for ‘unfriendly’ states to start paying for deliveries of Russian energy in rubles, rather than in euros or dollars. German Economy Minister Robert Habeck, who chaired a G7 meeting of energy ministers on Monday which unanimously refused to go along with Russia’s demands, said that the measures were a first, preliminary step which he called the “Early Warning” stage. Two further stages, which could ultimately include the rationing of supplies to industry, are styled as “Alarm” and “Emergency.”

Any reduction of industrial gas supplies would have an immediate impact on Europe’s largest economy. Michael Vassiliadis, a board member at Germany’s largest chemicals company BASF, had said on Tuesday that even a 50% reduction in supplies would force it to stop production at Ludwigshafen, Europe’s biggest chemicals complex.

Germany Activates Gas Emergency Plans, Fearing Russian Supply Cut

Disclaimer:Fusion Mediawould like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

Forex Today: Ukraine Peace Talks Boost Stocks, Ease Commodities

Previous article

Euro zone facing slower growth, higher inflation: ECB’s Lagarde

Next article

You may also like


Leave a reply

Your email address will not be published. Required fields are marked *

More in Latest News