The Russian national energy giant Gazprom announced that it was cutting off natural gas exports to Poland and Bulgaria. Here's what the decision, which one European leader called 'blackmail,' could mean for the continent and the world.
"We will remain united and support each other while phasing out Russian energy imports," European Council President Charles MichelAnalysts say the decision demonstrates that Russia would be prepared to penalize other, larger European countries for failing to pay in rubles — even if it means Gazprom takes a financial hit.
European buyers will likely seek out liquefied natural gas, or LNG, and bid up the prices as they have in the past, according to Henning Gloystein, energy director at the Eurasia Group. "If Russia were to really cut gas supplies to much of Europe, particularly Germany, it would cause severe economic pain," he said."You're talking about potential recession."
Some Russia-based analysts said taking payment in rubles was simply a way for Gazprom to protect its revenues from Western sanctions.
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