Billionaire investor George Soros says Putin is “obviously blackmailing Europe.”
a couple of weeks ago. In the wake of Russia's invasion of Ukraine, Moscow announced that"unfriendly" nations would have to pay for Russian gas in rubles — a policy that allows the Kremlin to prop up its own currency.The EU, which includes 27 countries, receives about 40% of its natural gas supplies from Russia, making it difficult for the bloc to stop buying it overnight.
"It is estimated that Russian storage capacity will be full by July. Europe is his only market. If he doesn't supply Europe, he must shut down the wells in Siberia from where the gas comes. Some 12,000 wells are involved. It takes time to shut them down and once they are shut down, they are difficult to reopen because of the age of the equipment," Soros said in the letter.
Leon Izbicki, an associate at Energy Aspects, agrees that Russia's gas storage is close to being full.
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