European gas buyers already grappling with record-high prices face further pain when the markets open on Monday after Russia said one of its main supply pipelines to Europe would remain shut indefinitely, sparking fears over energy rationing.
Lower gas flows from Russia ahead of and following its February invasion of Ukraine have already pushed up European prices by nearly 400 per cent over the past year, sending electricity costs soaring.
Europe has accused Russia of weaponising energy supplies in what Moscow has called an "economic war" with the West over the fallout from the Ukraine conflict, while Moscow blames Western sanctions and technical issues for supply disruptions.
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First Published: Sep 04 2022 | 7:41 PM IST