Russia launches gas embargo on 2 NATO states

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Title : Russia launches gas embargo on 2 NATO states
Link : Russia launches gas embargo on 2 NATO states

Russia initiated an oil embargo on two NATO member states in Europe Wednesday, sending energy prices soaring across much of Europe.

Moscow announced Wednesday afternoon that it will be freezing the sale of gas from the Russian state-controlled Gazprom company to Poland and Bulgaria. Russia supplies Poland with half of its gasoline, while Bulgaria relies on Russia of some 90% of its gasoline needs.

Bulgaria is now in talks with Turkey and Greece to import liquefied natural gas to fill the gap left by the Russian embargo.

Gazprom said the freeze was due to the refusal to pay for the oil in Russian rubles, a condition laid out by Russian President Vladimir Putin.

Dmitry Peskov, Putin’s press secretary, went further, telling reporters that Russia may cut off energy sales to other European countries if the demand it receives payment in rubles is not met.

The announcement comes a day after the US and NATO allies vowed to increase military aid to Ukraine.

European Commission President Ursula von der Leyen said Wednesday’s decision was tantamount to “blackmail”.

"The announcement by Gazprom that it is unilaterally stopping delivery of gas to customers in Europe is yet another attempt by Russia to use gas as an instrument of blackmail,” she said. “This is unjustified and unacceptable.”

Ukrainian President Volodymyr Zelensky’s chief of staff, Andriy Yermak, said the embargo is “beginning the gas blackmail of Europe.”

Russia’s oil embargo is the strongest move yet by Moscow to challenge the sanctions imposed by Western powers following the start of the war on February 24th.

Last month, Putin imposed the rubles requirement on ‘unfriendly’ countries, following tightened sanctions on Moscow.

The move appears to have helped strengthen the Russian currency, which bottomed out last month, falling to $0.024 per ruble. The ruble has since recovered, and is now above its pre-invasion level, at $0.045.