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Energy crisis in Europe

Gas price in Europe drops to $800 amid statements by Putin and Scholz

The Russian President said that Moscow intends to negotiate with Western partners on security guarantees through diplomatic channels, and also that Russia is ready to continue gas supplies to Europe through Ukraine after 2024

MOSCOW, February 15. /TASS/. Gas price in Europe dropped to almost $800 per 1,000 cubic meters in the course of trading at the ICE in London on Tuesday amid statements Russian President Vladimir Putin and German Chancellor Olaf Scholz made following their talks.

The price of a March futures contract at the TTF hub in the Netherlands fell to $809 per 1,000 cubic meters or 69 euros per MWh (based on the current euro/dollar exchange rate, ICE prices are presented in euros per MWh). The overall decline in the cost of gas since the day’s start is about 14.5%.

The Russian President, in particular, said that Moscow intends to negotiate with Western partners on security guarantees through diplomatic channels, and also that Russia is ready to continue gas supplies to Europe through Ukraine after 2024, if there is demand. Putin also recalled that the German regulator is carrying out certification for Nord Stream 2, which is technically completely ready for operation since December 2021.

In turn, Scholz said that Ukraine's membership in NATO is not on the agenda.

On Monday, gas price in Europe rose to almost $1,032 per 1,000 cubic meters for the first time since the end of January amid rising tensions around Ukraine and grew by 14%. By Monday evening, the price dropped to $940 per 1,000 cubic meters.

Recently, claims of Russia’s potential invasion of Ukraine have been echoed quite often in Ukraine and throughout Western countries. Kremlin Spokesman Dmitry Peskov lambasted such reports as an "empty and groundless escalation of tensions", underscoring that Russia does not pose any threat to anyone. Peskov noted that provocations may happen in order to justify such claims and warned that such attempts will bear the most serious consequences.

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Foreign policy Energy crisis in Europe

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