The U.S. predicted it right – Europe become a ‘hostage’ to Russia for energy

Posted by Kapil on October 21st, 2021

NOTES:

• On Wednesday, Russia came to Europe’s aid and offered to increase gas supplies to the continent, despite rising prices.
• Experts believe the decision demonstrates that Europe is now largely at Russia’s mercy in terms of energy.
• The United States has warned for years that Europe is susceptible to Russia’s ability to turn gas supplies on and off.
• Natural gas futures in Europe reached record highs this week, with regional benchmark prices up about 500 percent so far this year.

LONDON – Experts said one thing had become evident after Russia came to Europe’s rescue and offered to expand gas supply to the region amid increasing prices: Europe is now largely at Russia’s mercy when it comes to energy, exactly as the US had warned.

Natural gas contracts in Europe reached new highs this week, with regional benchmark prices up about 500 percent so far this year, as heightened demand and a supply shortage put pressure on the energy sector as the weather turns colder. Prices fluctuated on Wednesday, touching new heights before retreating after Vladimir Putin, the President stepped in, offering a rise in Russia’s gas supplies to Europe.