Putin is “tightening” the energy “loop” in Europe

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By Chrysostomos Tsoufis

Europe has woken up and is waiting with bated breath how Russia will react in requests Sweden and Finland for their entry into NATO. The Kremlin is reportedly furious with Russia’s first deputy ambassador to the United Nations calling the two countries enemies if they join the North Atlantic Alliance.

The Finns themselves are still waiting today by the Russians to turn off the gas supply taps.

And it may be a more symbolic move, as Russian gas accounts for only 5% of the country’s energy mix, but the food and chemical industries in particular will be hit hard and will have to find alternative energy sources. The Finns, however, say they are ready for any eventuality.

The markets will also wait to see if for the third day in a row the Russians will reduce the quantities of natural gas to Europe. They did it yesterday by 30% and by 18% on Wednesday.

Besides, GAZPROM completely closed the taps for its former subsidiary but now state-owned company, GAZPROM GERMANY .

The day, however, did not start positively after the Dow Jones in the US fell even marginally for the sixth consecutive session. The mix that has been created is extremely flammable as analysts are concerned not only about the instrumentalization of energy by Russia, but also galloping inflation, quarantines in China and the Fed’s tightening of monetary policy and how everything these will affect growth rates worldwide with the word recession being heard more and more often.

Indicative of investor turmoil is the sell-off in the cryptocurrency market, which lost $ 200 billion in one day.

As if all this were not enough, the issue of paying in rubles in accordance with Putin’s decree remains unclear. Encouraged by the statements of the Italian Prime Minister Draghi, many companies across Europe considered it possible to pay in rubles without violating the sanctions. In fact, 20 of them, according to Bloomberg, have already opened double accounts in euros and rubles in Gazprombank.

The Commission, however, was categorically negative, intensifying the confusion.

Source: skai.gr

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