Germany declared an 'early warning' of a possible gas supply emergency, saying the measure was designed to prepare for the risk of disruption or stoppage of natural gas flows from Russia
The announcement is the clearest sign yet that the European Union is preparing for Moscow to cut supplies to the region after President Vladimir Putin demanded that Europe and the United States pay for gas exports in roubles.
"We must increase precautionary measures to be prepared for an escalation on the part of Russia," said Habeck. "With the declaration of the early warning level, a crisis team has convened." In France, the head of the energy regulator said the country should not encounter any supply issues and said there was no need to panic.
Markets are anxious to see how the dispute over Russia's insistence on rouble payments play out as consumers in Europe grapple with exploding energy prices that have forced governments to announce fiscal relief measures."Gas markets are still anxious in expectation of clear rules of roubles payment by Thursday," said Rystad Energy senior analyst Vinicius Romano in a note.
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