European Gas Prices Rise as Russia Limits Supplies to Ukraine
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European natural gas prices climbed after OAO Gazprom said risks increased for Russian fuel transit to Europe amid a dispute with Ukraine.
U.K. front-month gas, a European benchmark, jumped as much as 3.8 percent on the ICE Futures Europe exchange in London, the most since Feb. 12. Ukraine risks a complete cutoff of Russian gas supplies after prepayments run out, which creates “serious risks for gas transit to Europe,” Gazprom Chief Executive Officer Alexey Miller said Tuesday. Ukraine’s state-owned NAK Naftogaz Ukrainy said Monday Russia violated a European Union-brokered accord by limiting supplies to less than half the requested level.