What if Russia stopped supplying its gas entirely to European countries? How much do you think energy prices would increase if this happens? What are the chances that Russia would stop supplying its gas? And will this plunge Europe into a deeper recession than expected?
Well, you don’t need to answer just yet, but these are some very important questions that will have massive implications for consumers, businesses, and the entire global economy.
In September, Russia announced that it would keep the Nord Stream 1 gas pipeline to the EU closed until sanctions are lifted (effectively cutting off 60% of Russian gas supplies).
And we can safely say that lifting Russian sanctions is off the negotiation table, so Europe (especially countries that are part of the EU) will be without a large chunk of Russian gas supply this winter.
So, let’s talk about Europe’s energy situation, its ties with Russia, and examine some hypothetical situations.
Music by Epidemic Sound
Stock Footage by Storyblocks
#Economics #Europe #Doverhill
about economics explained, about Finance and how money works, on Europe and its cost of living crisis/Russian energy situation, This is an economics/finance video
