Power prices surged, European currencies hit multidecade lows and governments scrambled to contain the economic hit after Russia cut its main natural-gas pipeline to Europe
Western leaders are preparing for the possibility that Russian natural gas flows through the key Nord Stream pipeline may never return to full levels. WSJ’s Shelby Holliday explains what an energy crisis could look like in Europe, and how it might ripple through the world. Illustration: David Fang
“Germany needs our gas and we need electricity produced in the rest of Europe, notably Germany,” President Emmanuel Macron said after speaking via videoconference with his German counterpart. Concerned about a potential meltdown in the integrated Nordic power market, governments in Sweden and Finland got ahead of the EU over the weekend, offering energy companies a combined $33 billion in guarantees to ensure margin payments are met. Lawmakers in Sweden approved the guarantees Monday.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Euro slides below $0.99 after Russia halts gas supplies to EuropeThe euro has fallen below $0.99 for the first time in 20 years after Russia said it would shut off its main gas supply pipeline to Europe indefinitely.
Read more »
Russia blames Europe for Nord Stream 1 haltKremlin blames European politicians for keeping shut the Nord Stream 1, saying their economic sanctions on Russia had hindered Gazprom's maintenance of the pipeline
Read more »
Zelenskyy Accuses Russia of Using Zaporizhzhia Power Plant as 'Nuclear Weapon'One nonproliferation expert said 'there is a high risk that an accident like that of the Fukushima disaster in Japan could occur' if shelling continues at the Zaporizhzhia nuclear power plant in Ukraine.
Read more »
Ukraine's Kherson Counteroffensive Advances; Euro Drops After Russia Gas HaltEuropean markets are feeling the fallout from the war in Ukraine, with the euro falling below 99 cents after Russia shut off its gas supply pipeline to Europe.
Read more »
Euro Drops Below 99 Cents as Russia Cuts Main Gas Line; Ukraine's Kherson Counteroffensive AdvancesEuropean markets are feeling the fallout from the war in Ukraine, with the euro falling below 99 cents after Russia shut off its gas supply pipeline to Europe.
Read more »