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Confusion over the Ukraine gas supply line

There are conflicting reports this evening with some suggesting that the Russian government has cut off its gas supply through the Ukraine pipeline and others appearing to suggest it is business as usual. This confusion has already had an impact on the price of gas with investors deeply concerned of a repeat of last year's expensive fallout. It has been revealed that over 80% of European gas imports come through the Ukraine line although the dependence upon the line is nowhere near that when considering domestic supplies. However, any reduction in gas supplies will have an impact on the cost of living throughout Europe and the rest of the world.

Not only will this push prices higher in Europe but it will also lead to more demand for overseas gas supplies which will allow worldwide producers to push prices higher. This comes at a time when countries such as the UK were starting to see a softening of the unhelpful stance taken by many of the UK energy providers. There are concerns they may make use of the supply issue from Russia and either delay any reductions in gas prices or even increase the cost to the consumer in the short to medium term.

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