What Happens if Russia Cuts Off Europe’s Natural Gas? – The New York Times

“While Russia masses troops and military equipment near its border with Ukraine, parallel tensions have been building in world energy markets.

It is not hard to see why. Natural gas flowing through a web of pipelines from Russia heats homes and power factories across much of Europe. Russia is also one of the continent’s key sources of oil.

Now Western officials are considering what happens if Moscow issues a doomsday response to the tensions — a cutoff of those gas and oil supplies, in the depths of Europe’s winter.

The standoff over Ukraine comes at an inopportune time. World energy prices are already elevated as supplies of oil and natural gas have lagged the recovery of demand from the pandemic.”

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