SHEL - Europe reacts to Kremlin gas export restrictions

Tuesday it was reported that Russia cut gas export flows to Poland. Shortly after the halt in Poland was announced, Bulgaria also indicated that gas imports from Russia were set to stop. The export embargo stemmed from a refusal to pay for Russian gas in rubles. Importantly, by all accounts, natural gas flowing through Poland and Bulgaria has continued to flow. A key data point, as the two countries are major thoroughfares for gas supplies into Europe. Poland was quick to highlight that gas storage levels in the country stand at 76% of capacity. Greece's Prime Minister, who plans to make payments to Gazprom (OTCPK:OGZPY) in May, said, "Greece will help Bulgaria to deal with the new situation caused by the Russian decisions on energy." President Putin has assured Austria, a country that receives 80% of its natural gas from Russia, it will continue to receive supplies in exchange for Euro

For further details see:

Europe reacts to Kremlin gas export restrictions