“A complete halt to gas exports from Russia is highly unlikely, but gas piped through Ukraine — which represents 8% of European supply — is very much at risk,” they said.
Even as gunfire sounded in Ukraine’s capital, natural gas kept flowing normally Friday through the major pipelines from Russia to Europe. But the invasion and accompanying sanctions are casting a shadow over longstanding energy ties, both for the coming weeks and longer term, AP reports.
The world is already facing high energy prices and a supply crunch that has hit consumers with high utility bills and pain at the gasoline pump. Russia’s attack on Ukraine has whipsawed energy markets, not least because Europe depends on Russian supplies of natural gas. Russia is also a major oil producer.
A barrel of U.S. benchmark crude oil shot past $100 Thursday after Russia invaded Ukraine. Natural gas prices also soared, even as operators say pipelines operated as usual.
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