The price of natural gas in Europe topped $1,150 per 1,000 cubic meters on Wednesday, or €99 per megawatt-hour in household terms, trading data shows. This comes as Russia, a major energy supplier, faces threats of US sanctions.
Overall, the cost of gas in Europe jumped more than 3% on Wednesday compared to the closing price the day before. The price growth comes as the United States and its European allies are weighing a range of sanctions targeting Russia’s financial system in the event of a military conflict with Ukraine. The Biden administration has previously accused Moscow of planning an invasion of Ukraine in January, which the Kremlin has rejected as “fake news.”
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