Home News Gas prices have risen sharply, pending new EU sanctions on Russia

Gas prices have risen sharply, pending new EU sanctions on Russia

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Some EU member states have called on the EU bloc to swiftly impose new sanctions on Russia following reports of a series of atrocities by the Russian military near Kyiv. German Chancellor Olaf Scholz has said that in the coming days his country and its allies will agree on “new measures” against Moscow, without giving further details. For her part, German Defense Minister Christine Lambrecht said the EU should discuss stopping gas purchases from Russia.

In addition, traders are following the decisions of gas buyers after Moscow authorities began demanding that payments be made in rubles. Although some countries are still considering Moscow’s demands, Lithuania, a relatively small customer, has decided to stop importing gas from Russia in response to the ruble payment request.

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At around 8:24 am on Monday, at the Amsterdam Stock Exchange, gas futures quotes with delivery the following month were up 2.6%, to 115 euros per Megawatt-hour. Over the past week, prices have risen by 11%, the first weekly increase in the last month.

“Geopolitical risks could keep rising gas prices for longer Chen.

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