Europe Gas Crisis

Staff turned off the lights and started draining the pools at Hungary's famous Miskolctapolca cave baths on Monday, after the centuries-old attraction succumbed to a modern-day crisis - soaring gas prices.

Europe is facing an energy crunch as the price of electricity generation skyrockets because of a massive surge in gas prices caused by Russia turning off the taps.

Over six months since Russia invaded Ukraine in what Moscow calls its "special military operation", the war has thrown global financial markets into severe turmoil as the charts below show.

World shares skidded and bond markets rallied on Tuesday as some disappointing earnings, the prospect of another super-sized US interest rate hike this week, and Europe's looming gas crisis all kept investors on edge.

Russia said it will cut gas supplies to Europe from Wednesday in a blow to countries that have backed Ukraine, while missile attacks in Black Sea coastal regions raised doubts about whether Russia will stick to a deal to let Ukraine export grain.

Russia on Thursday restored critical gas supplies to Europe through Germany via the Nord Stream pipeline after 10 days of maintenance, but uncertainty lingered over whether the Kremlin would still trigger an energy crisis on the continent.

Ukraine prepared to suspend the flow of some Russian gas today to Europe through a key transit point. It claimed battlefield gains over invading Russian forces, including the recapture of four villages around the second city of Kharkiv.

The European Union warned member states Monday to prepare for a possible complete breakdown in gas supplies from Russia, insisting it would not cede to Moscow's demand that imports be paid for in rubles.

Four European gas buyers have already paid for supplies in rubles as President Vladimir Putin demanded, according to a person close to Russian gas giant Gazprom PJSC.

European leaders denounced Russia's attempt to "blackmail" Ukraine's allies over gas supplies, as Western sanctions batter the Russian economy already struggling with its worst crisis since the 1991 fall of the Soviet Union.

With Russia threatening to cut off the supply of vital gas and oil, European governments are dusting off rationing plans that bring back memories of the 1973 energy crisis

Russian President Vladimir Putin is demanding foreign buyers pay for Russian gas in roubles from Friday or else have their supplies cut, a move European capitals rejected and which Berlin said amounted to "blackmail".

India on Thursday defended its decision to look for "good deals" for its energy requirement amid volatility in the market, while pointing out that Europe has been a major buyer of Russian oil and gas even after the crisis in Ukraine unfolded.

The US and EU announced a task force Friday aimed at reducing Europe's reliance on Russian fossil fuels in the face of Moscow's war on Ukraine.

President Vladimir Putin said Wednesday Russia will only accept payments in rubles for gas deliveries to "unfriendly countries", which include all EU members, after Moscow was hit by unprecedented sanctions over Ukraine.

Staff turned off the lights and started draining the pools at Hungary's famous Miskolctapolca cave baths on Monday, after the centuries-old attraction succumbed to a modern-day crisis - soaring gas prices.

Europe is facing an energy crunch as the price of electricity generation skyrockets because of a massive surge in gas prices caused by Russia turning off the taps.

Over six months since Russia invaded Ukraine in what Moscow calls its "special military operation", the war has thrown global financial markets into severe turmoil as the charts below show.

World shares skidded and bond markets rallied on Tuesday as some disappointing earnings, the prospect of another super-sized US interest rate hike this week, and Europe's looming gas crisis all kept investors on edge.

Russia said it will cut gas supplies to Europe from Wednesday in a blow to countries that have backed Ukraine, while missile attacks in Black Sea coastal regions raised doubts about whether Russia will stick to a deal to let Ukraine export grain.

Russia on Thursday restored critical gas supplies to Europe through Germany via the Nord Stream pipeline after 10 days of maintenance, but uncertainty lingered over whether the Kremlin would still trigger an energy crisis on the continent.

Ukraine prepared to suspend the flow of some Russian gas today to Europe through a key transit point. It claimed battlefield gains over invading Russian forces, including the recapture of four villages around the second city of Kharkiv.

The European Union warned member states Monday to prepare for a possible complete breakdown in gas supplies from Russia, insisting it would not cede to Moscow's demand that imports be paid for in rubles.

Four European gas buyers have already paid for supplies in rubles as President Vladimir Putin demanded, according to a person close to Russian gas giant Gazprom PJSC.

European leaders denounced Russia's attempt to "blackmail" Ukraine's allies over gas supplies, as Western sanctions batter the Russian economy already struggling with its worst crisis since the 1991 fall of the Soviet Union.

With Russia threatening to cut off the supply of vital gas and oil, European governments are dusting off rationing plans that bring back memories of the 1973 energy crisis

Russian President Vladimir Putin is demanding foreign buyers pay for Russian gas in roubles from Friday or else have their supplies cut, a move European capitals rejected and which Berlin said amounted to "blackmail".

India on Thursday defended its decision to look for "good deals" for its energy requirement amid volatility in the market, while pointing out that Europe has been a major buyer of Russian oil and gas even after the crisis in Ukraine unfolded.

The US and EU announced a task force Friday aimed at reducing Europe's reliance on Russian fossil fuels in the face of Moscow's war on Ukraine.

President Vladimir Putin said Wednesday Russia will only accept payments in rubles for gas deliveries to "unfriendly countries", which include all EU members, after Moscow was hit by unprecedented sanctions over Ukraine.