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    Russia reduces natural gas supplies to the EU to 20% of capacity

    July 29, 2022 - CE Noticias Financieras


      The Russian company Gazprom cut by half the supply of natural gas through the Nord Stream 1 pipeline on Wednesday, 27, reducing to 20% of maximum capacity the volume of gas delivered to the European bloc countries.

      The reduction had been announced by the Russian state-owned company on Monday, 25, on the grounds of technical problems but Western countries accuse the measure of a political retaliation by Russia to sow uncertainty and raise prices amid the war in Ukraine.

      Data from the Nord Stream website and the head of Germany's energy grid regulator, Klaus Mueller, confirmed the reduction Wednesday morning. "Gas is now part of Russian foreign policy and possibly Russian war strategy," Mueller told Deutschlandfunk radio.

      Fears of an energy shortage have led the European Union to approve a reduction in natural gas use to protect against further cuts. The bill calls for 15 percent savings in consumption between August and March through voluntary measures adopted by countries, and if the target is not met, mandatory cuts may be authorized.

      Natural gas prices have risen to the highest levels since the beginning of March. The fuel serves a strategic purpose in Europe, used to supply industry, generate electricity, and heat homes in winter.

      Rising energy prices are fueling inflation, further squeezing people's purchasing power, and raising concerns that Europe could plunge into recession if it doesn't save enough gas to get through the cold months.

      (Estadão Conteúdo)


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