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Good morning. Gazprom to cut gas to Europe, Truss and Sunak’s head-to-head debate, Coinbase being investigated, and new stage of war in Ukraine. Here’s what people are talking about.
Russia is once again sharply reducing the flow of piped gas to Germany. Gazprom will cut shipments on the Nord Stream pipeline to about 20% of its capacity from 7 a.m. Moscow time on Wednesday due to maintenance maintenance. It’s a troubling prospect as the EU heads into the colder months. If Nord Stream flows are cut off completely, and if the winter is cold, Europe’s gas in storage may run out by the end of February, according to consultant Wood Mackenzie. Meanwhile, global competition for seaborne shipments of the fuel is intensifying, threatening higher prices and shortages. And EU energy ministers hold an emergency meeting today to discuss improving the bloc’s contingency plans.