How Russia’s Gas Ban Rips Through the Core of European Industry
- Producers of chemicals, fertilizers, metals to be hit hardest
- Gas prices jumped over 20% after flows cut to Poland, Bulgaria
Gas prices in Europe surged as much as 24% on Wednesday,
Photographer: Omar Marques/Getty Images
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Russia has escalated the weaponization of its energy resources, compounding the pain for European industry and exacerbating an already grim outlook for the economy.
Gazprom PJSC halted gas flows to Poland and Bulgaria and said it will keep them turned off until the countries agree to pay for the fuel in rubles. The move has left the rest of Europe -- particularly Germany -- worrying if they’ll be cut off next.