After European nations imported the most gas from Russian sources yesterday in months, scrambling to stock up on supplies as Russian President Vladimir Putin’s deadline to either pay for gas in rubles (or be cut off) came and went, Russian gas giant Gazprom has officially halted all deliveries to Europe via the Yamal-Europe pipeline, a critical artery for European energy supplies.
Instead of flowing toward Germany and the EU, gas supplies on Friday and Saturday started flowing in the opposite direction, according to Gascade, the network operator.
So far, the UK is the only country to have imposed sanctions on Russia’s Gazprombank, through which payments for Russian natural gas are made. The measure effectively denies Britain the ability to pay for the commodity, and has forced Gazprom to walk away from the sales and trading arm. In accordance with Putin’s decree that Russian gas be paid for in rubles, Gazprom has set up foreign-currency accounts for customers where their currencies can be converted into rubles on the Moscow exchange.Gazprom Halts Gas Shipments To Europe Via Critical Pipeline | ZeroHedge
We will see how the UK and EU deal with no more natural gas from Russia…