VET:CC - Russia and Europe resort to brinksmanship on gas payments

Last week it was reported that Russia would demand payments for gas in rubles; Monday, Russian lawmaker Ivan Abramov said a refusal to pay for gas in rubles would lead to an unequivocal halt in supplies. The Russian central bank and Gazprom (OGZPYP) are scheduled to present proposals for ruble gas payments to President Putin Thursday. Russia accounts for ~40% of European gas imports, and since the war began Russia has sustained export volumes to the continent. Biden announced plans to increase US gas exports to Europe by ~15bcm in 2022, though Russian exports stand at ~165bcm annually. Europe's ability to sustain power supply in the face of a Russian gas embargo would rely heavily on coal consumption; coal already accounts for a large share of electricity production in Germany: It's unclear how gas payment negotiations will be resolved; however, any reduction in Russian gas exports to Europe would provide

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Russia and Europe resort to brinksmanship on gas payments