The European Union is “ready to react” to Russia’s latest decision to halt gas supplies to the bloc, a top EU official has told CNBC.
"We asked Putin to respect their contracts but if they don't respect their contracts then we are ready to react," he said, without detailing exactly what actions this could entail.
Gazprom has repeatedly said that sanctions are preventing it from maintaining and running the pipeline efficiently and had already reduced gas flows through the pipeline to around 20% of its full capacity. Gazprom's decision came hours after the Group of Seven economic powers agreed on a plan to impose a price cap on Russian oil in an attempt to curb Moscow's oil revenues.Since Russia's unprovoked invasion of Ukraine, the EU has looked to reduce and phase out its imports of Russian gas. However, while it scrambles for alternative supplies, it remains somewhat dependent on those supplies.
The bloc has already called on all members to voluntarily reduce their respective gas consumption by 15% in the fall and through the winter months in a bid to eke out supplies.
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