Governments in the European Union are rushing through multibillion euro packages to save utilities from collapsing under a liquidity crunch and to shield consumers from skyrocketing energy costs.
Despite the fact that Russia also exports gas to Europe via a pipeline that passes through Ukraine, these supplies have decreased due to the crisis, forcing the EU to scramble to find substitute sources to restock gas storage facilities for the coming winter.
After Russia cut off gas flows via a major pipeline on Monday, sending another shock wave through the economies in the area still battling to recover from the plague, European gas prices spiked, markets fell, and the euro fell.
Finland intends to offer 10 billion euros ($10 billion) in liquidity guarantees to its power companies, while Sweden intends to offer 250 billion Swedish crowns ($23 billion)...
Tags:gas,Russia,Europe,euro,inflation,
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