PUTIN'S GAS ATTACK Russia admits using its gas as a weapon, sending prices soaring

2 years ago
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PUTIN'S GAS ATTACK Russia admits using its gas as a weapon, sending prices soaring

Russia's invasion of Ukraine prompted most of the EU to wake up to the danger of depending on the Kremlin for its natural gas.

But moving away from Russian gas, which last year accounted for 40 percent of EU demand, is a painful process — and Russian President Vladimir Putin isn't pulling any punches.

Even before the invasion of Ukraine, his state-backed export monopoly Gazprom slowly began selling less natural gas to European buyers, draining storage and slowing pipeline flows to a trickle.

Those supply changes — coupled with Putin's bombastic statements, false promises and periodic jokes at Brussels' expense — caused energy prices to spike, plunge, recover and dip again, as anxious traders tried to predict how much gas they could count on come winter.

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