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Will the Ukraine and Russian gas dispute affects EU supplies?

As the Russian conflict with Ukraine over gas supplies continue to grow there are serious concerns that the Russian threat to "switch off" the pipeline which flows through the Ukraine into Europe will affect the EU market directly. While the Ukraine pipeline is not the only supply line to the EU it offers a vital supply to a growing market. So will Russia carry out its threat to cut off the pipeline?

We saw a similar situation last year in which the Russian government attempted to increase costs to the Ukraine by a substantial figure effectively holding the rest of the world to ransom. While an agreement was reached between the Ukraine authorities and the Russian government there appears to be further friction and a real threat of disruption to supplies. While the UK does not directly take gas from the Ukraine, any reduction in supplies will have a detrimental impact on the market price of gas which will be reflected across Europe.

Just when UK consumers believed that prices were coming down it appears there may yet be some rocky times ahead. Any substantial increase in the cost of gas will have an impact, although not enormous, on the rate of inflation in the UK.

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