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The EU is again concerned about its energy prospects

July, 20 2022
watermark Economic news

The European Union intends to prepare for the upcoming winter without relying solely on Russian gas. To do this, the European Commission is even ready to ask the EU countries to reduce the consumption of natural gas.


At the same time, analysts note that different countries in the European region have different degrees of dependence on Russian energy resources. For example, Germany is currently one of the largest importers of Russian gas and oil compared to Spain.


In addition, disputes continue over the resumption of supplies via the Nord Stream-1 gas pipeline on Thursday. This key transit point of Russian gas to Europe was closed for preventive maintenance for 10 days. Some experts are not sure that gas flows will resume at full capacity.


The European Commission has launched a plan to move away from Russian gas after Gazprom announced that it could not fulfill gas contracts with the European bloc. This has become a serious problem for EU countries that are heavily dependent on Russian energy.


Currently, gas storage facilities in Europe remain incomplete, and the authorities of European countries are experiencing strong economic pressure.


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Risk Warning:
Foreign exchange trading carries a high risk of losing money due to leverage and may not be suitable for all investors. Before deciding to invest your money, you should carefully consider all the features associated with Forex, as well as your investment objectives, level of experience, and risk tolerance.
Foreign exchange trading carries a high risk of losing money due to leverage and may not be suitable for all investors. Before deciding to invest your money, you should carefully consider all the features associated with Forex, as well as your investment objectives, level of experience, and risk tolerance.