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Brussels does not panic over the reduction of Russian gas supplies

12-5-2022 |

The volumes of Russian gas entering the EU via Ukraine are decreasing. In Germany, they decreased by 25 percent overnight. Europe is short of more than 20 million cubic meters. The Ukrainian company Naftogaz has refused to transit through territories occupied by Russia.

Kiev suggested that Russian Gazprom reroute the raw materials to other interconnectors located in parts of the country controlled by Ukrainian forces.

The company's management called the proposal "technically unrealizable”.

But according to analysts, markets reacted weakly to the news.

Simon Tagliapietra, senior fellow at Bruegel:

"Indeed, both Austria and Germany noted that the disruption did not have a significant impact on them. If you look at the TTF index and the price of natural gas, you see that they are actually going down today. This is a sign that traders don't see what happened as a big deal. However, it does indicate that the risks associated with the Ukrainian infrastructure do pose a risk to Russian gas supplies to Europe. This is in addition to the risks that have arisen due to the transition of European companies to pay for gas in rubles.”

Brussels claims that all the problems with supplies are due to the war unleashed by Russia, while Ukraine is a reliable partner.

The European Commission clarified that these events "may affect the transit of gas in certain areas. Nevertheless, "in the short term they will not lead to problems related to the energy security of the community.

The bloc's countries are very dependent on Russian energy resources. But the EU plans to reduce it by two-thirds by the end of the year.