Gas pipeline owned by Russia's state-owned Gazprom running between Russia and Germany under the Baltic Sea has proved politically contentious.
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Germany moved fast on Tuesday morning to block the new gas pipeline between Russia and Germany, Nord Stream 2.
The pipeline is operated by the Russian state-owned Gazprom and would allow Russia to export gas under the Baltic Sea to Germany and Europe, bypassing Ukrainian pipelines.
German Chancellor Olaf Scholz moved to halt certification of the controversial gas line as Russia advanced troops into Ukraine.
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The move, which will affect energy supply and price in Europe, will dash hopes that certification of the new gas line would provide price relief.
Immediate bump
Dutch gas prices were up 11% in early morning trading to €80/megawatt hour. Oil prices also rose by almost 3% in early trade to $100/barrel for the first time since 2014.
Eurozone inflation hit 5.1% in January as energy and food prices soared. The current Russia Ukraine crisis looks set to harden both energy and food prices in the near term.
Europe has played the first card in the deck of western sanctions. It remains to be seen how much of a deterrent this and other western sanctions are on Russia.
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Germany moved fast on Tuesday morning to block the new gas pipeline between Russia and Germany, Nord Stream 2.
The pipeline is operated by the Russian state-owned Gazprom and would allow Russia to export gas under the Baltic Sea to Germany and Europe, bypassing Ukrainian pipelines.
German Chancellor Olaf Scholz moved to halt certification of the controversial gas line as Russia advanced troops into Ukraine.
The move, which will affect energy supply and price in Europe, will dash hopes that certification of the new gas line would provide price relief.
Immediate bump
Dutch gas prices were up 11% in early morning trading to €80/megawatt hour. Oil prices also rose by almost 3% in early trade to $100/barrel for the first time since 2014.
Eurozone inflation hit 5.1% in January as energy and food prices soared. The current Russia Ukraine crisis looks set to harden both energy and food prices in the near term.
Europe has played the first card in the deck of western sanctions. It remains to be seen how much of a deterrent this and other western sanctions are on Russia.
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