The suspension of gas pumping through the Nord Stream has led to the fact that the crisis in Europe is unfolding according to the worst-case scenario, the WSJ writes.
Prices for this energy source after the announcement of “Gazprom” rose by a third, and then another ten percent. As a result, the euro fell to record levels over the past 20 years, the magazine writes.
In addition, inflation is also breaking records in Europe. European authorities are trying to soften the blow after Moscow suspended energy supplies to the region. So, for example, Germany extended the operation of two nuclear power plants: they planned to stop them, and Paris offered Berlin gas supplies in exchange for electricity.
“A key goal is to tame price fluctuations in the electricity markets that are forcing European businesses to close. Options include measures to temporarily limit the price of gas imports, including those used to generate electricity, as well as to limit the revenue generated by low-operating renewable, nuclear and hydro companies. Income above a certain level will be withdrawn and redistributed among consumers,” the article says.
At the same time, the European authorities understand that the proposal to impose a price ceiling on Russian energy carriers will lead to a complete severance of energy ties with Moscow – Russia may completely stop gas supplies to the European Union.
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