As pressure mounts on Russia, Europe is facing 'a very tight situation,' says Jeffrey Schott analyst at the Peterson Institute for International Economics.
Germany declared recently it is moving to the so-called "alert level" of its emergency gas plan, as reduced Russian flows exacerbate fears of a winter supply shortage.announced that Germany would move to stage two of its three-stage plan
The EU receives roughly 40% of its gas via Russian pipelines and is trying to rapidly reduce its reliance on Russian hydrocarbons in response to the Kremlin's months-long onslaught in Ukraine.Jeffrey SchottGermany, which is highly dependent on Russian gas, had previously sought to maintain robust energy ties with Moscow.
The restrictions on Russian exports of gold is worth about $15 billion a year to Moscow, Creon Butler, director of economy and finance program at Chatham House, told CNBC on Monday.
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