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European Gas Jumps on Winter Risks as Putin Steps Up Ukraine War

  • President Putin announces ‘partial mobilization’ in Russia
  • Germany nationalizes Uniper in effort to avert energy collapse
Bloomberg business news
Putin Escalates War, Calling Up 300,000 Reservists
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European natural gas prices fell as traders weighed Russia’s move to step up its war in Ukraine, even as nations intensified efforts to prevent the energy crisis from deepening.

Benchmark futures settled 2.3% lower after earlier rising as much as 10%. Russian President Vladimir Putin announced a “partial mobilization” of troops for his war in Ukraine and pledged to annex the territories his forces have already occupied, raising the stakes in the seven-month-old conflict. A prolonged war brings the threat of further disruptions in Russian gas supply, especially along the remaining major route through Ukraine.