Severe natural gas shortage in Europe – Russia halts gas to Ukraine
Marla Guthrie
Jan. 1, 2009

European economy is plunging into deeper depression as the natural gas shortage looms overhead. Russia cut off gas supplies to Ukraine on Thursday after last-minute talks about a deal for this year broke down in Moscow on Wednesday night.

The cut has again raised fears of gas shortages in the European Union, which relies on Russian gas moved through Ukrainian transit pipelines to meet about 20 per cent of its demand.

Russian oil and gas agencies may try to queeze more out of scarce gas to Europe and deny any gas to those countries like Ukraine who cannot pay as much as western Europe.

There can be rise in forward contract prices. This can be devasttating for the western european conomies in 2009-10.

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