Ukraine Russia gas dispute worsens
The ongoing dispute between Russia and Ukraine regarding the supply of gas to the European market via the vital Ukraine supply pipe network took a turn for the worse today with news that Ukraine is on the verge of being sued by Russian gas company Gazprom for an alleged contract infringement. The last few days have seen the difficult situation move to a higher level with suggestions that the Ukraine authorities had "stolen" gas which was being moved to other countries outside of Europe.
The Ukraine authorities have refuted this allegation and suggested they have broken no contract terms and neither do they plan to do so. Despite a number of international parties becoming involved in the talks between the two countries it would appear there is no unilateral agreement imminent and the gas supply sector is braced for the worst.
A reduction in the European market gas supply will impact upon energy prices across the world amid concerns that UK consumers could be hit harder than most. UK energy prices are currently substantially higher than their European counterparts even though the UK government has been promoting a rethink on pricing from UK energy companies.
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