Russia to stop supplying oil? European gas prices jumped 17%!

May 29, 2024, 11:58 AM

TDD-global

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On April 26, Russia stopped oil and gas supplies to Poland, triggering a 17% spike in European natural gas prices. President Putin mandated that 'unfriendly' nations pay in rubles. Poland's officials rejected this demand, claiming it violated contracts. The situation escalates as both sides brace for the consequences of the energy standoff.

According to the TASS news agency, on April 26, local time, Russia stopped supplying oil to Poland. Russia has also suspended gas supplies to Poland, Polish portal Onet reported. Affected by this news, the price of natural gas in Europe soared 17%, and the US and Brent crude oil also rose in the short term. WTI crude oil is now up 2.8%, and Brent crude oil is now up 2.4%ã€‚

natural gas ï¼Œ oil ï¼ŒRussia ï¼Œ Poland

It is reported that Russian President Vladimir Putin has signed a presidential decree: international customers located in "unfriendly" countries and regions must settle in rubles if they want to buy Russian natural gas. The Polish government's plenipotentiary on strategic energy infrastructure, Naimski, still said on the 26th that Poland refused to pay Russia's natural gas costs in rubles and was ready to deal with Russia's possible cessation of gas supply.

After Russia completely stopped supplying oil and gas to Poland two days later, the Polish oil and gas company said that Russia's cessation of gas supply violated its contractual obligations. But Putin said that if he refused to pay in this ruble, it would be regarded as a breach of contract by the Russian side, and all the consequences would be borne by the buyer.

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