The dispute between Russia and Ukraine over gas shipments has once again reduced gas supplies to EU countries. Ukraine for years benefited from the artificially low prices for natural gas shipments from Russia that it inherited from Soviet times. Russian attempts to raise these prices have been stymied more than once by the fact that the same pipeline carries gas on into Europe - and that Ukraine could and did syphon off gas from those shipments.
Russia and Ukraine assured the EU that the latest dispute would not disturb the onward shipments. Unsurprisingly (at least to me), that assurance turns out not to be accurate. RFE/RL reports supply shortfalls to a number of EU member states. Russia and Ukraine, naturally, are engaged in mutual recriminations as to who caused these shortfalls.
Meanwhile, the Russian gas firm Gazprom, the largest natural gas company in the world and the owner of the pipeline to Ukraine, asked for help last November. Its share prices have plunged, due to declining energy prices and to the war in the Caucasus, which dealt a body blow to confidence in the Russian economy.
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