European Energy Concerns Deepen

Today's Defense & International Relations Topics

For months European Union officials have claimed the Union should prepared if Russia decides to halt gas shipments to Europe indefinitely. However, Gazprom’s decision halt Nord Stream 1 deliveries, ostensibly due to needed turbine repairs, has shown the earlier EU confidence might’ve been premature. Energy markets are volatile right now with prices surging. If this was not bad enough, many European energy companies are facing margin calls at the worst possible time. Collateral cash is not available in the amounts needed, mainly owing to the volatility of energy markets, which has been sparked in-turn by the energy. The chips are down, and the red light is flashing on the continent as leaders and energy ministers try and come to terms with the crisis now staring directly at them.

Belgian Prime Minister Alexander De Croo warned today that swift action must be taken to prevent a broad economic shutdown continent-wide. “A…

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