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- German Economy Ministry: Coordinating closely with EU on Russian gas supply cut-off
German Economy Ministry: Coordinating closely with EU on Russian gas supply cut-off
In a statement released on Wednesday, Germany’s Economy Ministry said that it is closely working with the European Union (EU) to decide whether to cut the Russian gas supply.
Additional quotes
“German gas crisis team has not identified any gas supply bottlenecks so far.”
“Concerned that Russian gas supply to partner countries has stopped.”
This comes after Russia threatened Poland and Bulgaria that it will halt gas supplies from Wednesday, following their refusal to pay the state energy giant Gazprom in rouble.
Russian gas blackmail is seen as an apparent warning shot to the rest of Europe.
Market reaction
EUR/USD is under heavy selling pressure, nearing April 2017 lows of 1.0569, as the haven demand for the US dollar remains unabated.
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